UBS Traders Found to Have Tried Rigging Hong Kong Rate
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UBS AG traders tried to rig Hong Kong’s benchmark interest rate between 2006 and 2009, the city’s central bank said following a more than yearlong probe.
The Hong Kong Monetary Authority found about 100 internal chat messages containing “change requests” by several traders for the bank’s submissions to set the Hong Kong Interbank Offered Rate, according to a statement today. While the requests had a “negligible impact” on fixings and no fines will be imposed, the regulator asked UBS to take disciplinary action against the employees responsible.