Xinhua, Geneva :
Switzerland’s largest bank UBS was fined a total of some 774 million Swiss francs (about 801 million US dollars) by financial authorities in Switzerland, the United States and Britain to settle the allegations of foreign exchange rigging, said the bank Wednesday.
UBS said in a statement that the bank was ordered to pay 134 million Swiss francs (about 139 million U. S. dollars) to the Swiss Financial Market Supervisory Authority (FINMA) for manipulating foreign exchange benchmarks.
In addition, the bank, among five major international banks, also agreed to pay 290 million U. S. dollars (about 281 million Swiss francs) in fines to the U.S. Commodity Futures Trading Commission (CFTC), and 234 million British pounds (over 359 million Swiss francs, or some 370 million U. S. dollars) to the UK Financial Conduct Authority (FCA) for its role in rigging the foreign exchange market.
Royal Bank of Scotland, HSBC, Citibank and JP Morgan were the other four banks, alongside with UBS, penalized by the above two U. S. and British regulators, which found all the five have rigged foreign-exchange benchmark rates and slapped on them a total of over 3.2 billion U. S. dollars in penalties.
Swiss financial regulator FINMA said in a statement that “over an extended period of time UBS employees in Zurich at least attempted to manipulate foreign exchange benchmarks”, and “employees acted against the interests of their clients”.
Switzerland’s largest bank UBS was fined a total of some 774 million Swiss francs (about 801 million US dollars) by financial authorities in Switzerland, the United States and Britain to settle the allegations of foreign exchange rigging, said the bank Wednesday.
UBS said in a statement that the bank was ordered to pay 134 million Swiss francs (about 139 million U. S. dollars) to the Swiss Financial Market Supervisory Authority (FINMA) for manipulating foreign exchange benchmarks.
In addition, the bank, among five major international banks, also agreed to pay 290 million U. S. dollars (about 281 million Swiss francs) in fines to the U.S. Commodity Futures Trading Commission (CFTC), and 234 million British pounds (over 359 million Swiss francs, or some 370 million U. S. dollars) to the UK Financial Conduct Authority (FCA) for its role in rigging the foreign exchange market.
Royal Bank of Scotland, HSBC, Citibank and JP Morgan were the other four banks, alongside with UBS, penalized by the above two U. S. and British regulators, which found all the five have rigged foreign-exchange benchmark rates and slapped on them a total of over 3.2 billion U. S. dollars in penalties.
Swiss financial regulator FINMA said in a statement that “over an extended period of time UBS employees in Zurich at least attempted to manipulate foreign exchange benchmarks”, and “employees acted against the interests of their clients”.
