Regulators find traders at UBS attempted to rig the Hong Kong interbank offered rate
Traders at UBS attempted to rig the Hong Kong interbank offered
rate (HIBOR) over a period of three years, according to the
results of an investigation from Hong Kong’s
banking regulator, writes Joe Parsons.
The Hong Kong Monetary Authority (HKMA) found that between
September 2006 and June 2009, six UBS traders sent internal
chat messages to the UBS HIBOR submitter, which contained
change request with a view to rigging the HIBOR rate.
"There is evidence that about one-third of these change
requests affected the HIBOR fixing rates submitted by UBS,"
said the regulator.
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