UBS bears brunt of forex rigging fines Matthew Allen, Swissinfo.ch

12.28.2014

Switzerland’s largest bank, UBS (NYSE:AG), has been handed combined fines of CHF783 million ($809 million) by regulators in Switzerland, Britain and the United States for allowing traders to manipulate foreign exchange benchmark rates.

UBS was forced to pay the highest price as five banks – also Citigroup, Royal Bank of Scotland, JP Morgan Chase and HSBC – were stung with fines totalling $3.2 billion (CHF3.1 billion) on Wednesday.

The banks were found guilty of allowing traders to collude together to rig benchmark rates that drive the $5.3 trillion-a-day global business. The Swiss Financial Market Supervisory Authority (FINMA) has also ordered action to be taken against 11 UBS traders.

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