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UBS discloses it is reviewing its precious metals business
By Chad Gray and Neil Gough
The New York Times
Friday, March 14, 2014
LONDON -- The Swiss bank UBS said on Friday that it was conducting an internal review of its precious metals business amid expanding regulatory investigations into potential manipulation of interest rates and the price of commodities and currencies.
In its annual report released on Friday, UBS said that it had been conducting a review of its foreign exchange operations, including its precious metals business. The bank said it was cooperating with regulators, noting in its review that "a number of authorities also are reportedly investigating potential manipulation of precious metal prices."
Also on Friday, Hong Kong's banking regulator found that traders at UBS tried to rig the Hong Kong Interbank Offered Rate over a four-year period but ultimately had no impact on how the local benchmark interest rate was set. As a result, the regulator did not fine the bank. ...
... For the full story:
http://dealbook.nytimes.com/2014/03/14/ubs-discloses-it-is-reviewing-its...
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