UBS, Switzerland’s biggest bank, may be fined more than $1 billion by US and UK regulators for trying to rig global interest rates, more than double the amount levied against Barclays, according to a person familiar with the probe. The fines from the US Commodity Futures Trading Commission, the UK Financial Services Authority and the US department of justice may be announced as early as next week, said the person, who asked not to be identified because the information isn’t public.
Global authorities are investigating claims that more than a dozen banks altered submissions used to set benchmarks such as the London interbank offered rate to profit from bets on interest-rate derivatives or make the lenders’ finances appear healthier.
Barclays, the UK's second-biggest bank, agreed to pay £290 million in June to resolve the US and UK Libor probes. A UBS spokeswoman in New York declined to comment on the potential penalties. Officials from the CFTC, FSA, Swiss regulator Finma and the DOJ also declined to comment.
- Bloomberg
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