Japan Accuses Citi, UBS Of Market Trickery

Law360, New York (December 9, 2011, 6:42 PM EST) -- Citigroup Global Markets Japan Inc. and UBS Securities Japan Ltd. attempted to manipulate key rates to gain advantages in trading and should be penalized, a Japanese financial regulator said Friday.

The companies employed staffers who attempted to influence the Tokyo Interbank Offered Rates, or Tibor, in order to gain advantage on derivative trades, the Japanese Securities and Exchange Surveillance Commission said, recommending the Japanese prime minister and the head of Japan's Financial Services Agency take action against Citigroup and UBS.

The Tibor is a short-term interest...
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