UBS Fined $54M By NYSE Over Market Timing

Law360, New York (January 13, 2006, 12:00 AM EST) -- In another coup for the regulatory wing of the New York Stock Exchange, Swiss banking group UBS AG has agreed to pay $54 million to settle charges that it catered to hedge funds by failing to prevent widespread market timing.

The allegations focused on the bank’s New Jersey-based brokerage UBS Financial Services Inc., where traders used market timing to trade in mutual funds between January 2000 and December 2002.

Flexing its regulatory arm, the exchange jumped in to accuse UBS of ignoring its own policies and...
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