UBS, Citigroup May Be Penalized in Japan on Tibor Probe
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UBS AG and Citigroup Inc. may be penalized in Japan for attempting to influence the Tokyo interbank offered rate, the country’s securities watchdog said.
The Securities and Exchange Surveillance Commission recommended that Japan’s Financial Services Agency punish the local brokerage units of UBS and Citigroup, the watchdog said in a statement in Tokyo today. Employees of the local operations repeatedly asked bankers to change the rates they submit for setting Tibor to gain an advantage, it said.