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UBS Says U.S. Is Probing Possible Libor Rate Manipulation


Alekbaylee
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Apologize if this has already been posted, but didn't see it...

 

UBS Says U.S. Is Probing Possible Libor Rate Manipulation

 

UBS AG (UBSN), Switzerland’s biggest bank, said it received subpoenas from U.S. authorities investigating possible attempts to manipulate the setting of the London interbank offered rate.

 

The company received subpoenas from the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission and the U.S. Justice Department, Zurich-based UBS said in its 2010 annual report. The bank also received an order to provide information to the Japan Financial Supervisory Agency concerning “similar matters,” it said.

 

“UBS understands that the investigations focus on whether there were improper attempts by UBS, either acting on its own or together with others, to manipulate Libor rates at certain times,” the bank said. “UBS is conducting an internal review and is cooperating with the investigations.”

 

Libor rates are set daily by the British Bankers’ Association, based on data it gets from a panel of banks on what it would cost them to borrow funds for various periods of time and in different currencies.

 

UBS didn’t say in yesterday’s report what time period the Libor investigation is focused on. A spokesman for the bank wasn’t immediately able to comment beyond the statement in the report. A BBA spokesman wasn’t immediately able to comment.

 

 

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