UBS Traders Tried To Rig Hong Kong Rate, Watchdog Says

Law360, New York (March 14, 2014, 11:27 AM EDT) -- Hong Kong's financial regulator announced Friday that its investigation launched over a year ago uncovered evidence that a handful of UBS AG traders attempted to rig the Hong Kong Interbank Offered Rate between 2006 and 2009.

The Hong Kong Monetary Authority said that it came upon roughly 100 of the company's internal chat messages containing "change requests" by six UBS traders sent to the UBS Hibor submitter aimed at fixing the rate. The agency's investigation focused on eight other Hibor reference banks, but UBS was the...
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