Bursa Alert
Global Market
NewsUBS reaches immunity deal with EU over Libor
Page 1 of 1
UBS reaches immunity deal with EU over Libor
by Cals Mon 25 Nov 2013, 01:32
Published: Saturday November 23, 2013 MYT 6:51:00 AM
Updated: Saturday November 23, 2013 MYT 6:52:50 AM
UBS reaches immunity deal with EU over Libor
NEW YORK: UBS AG has reached an immunity deal with European Union authorities that will protect the Swiss bank from further penalties for alleged manipulation of key interest rates, the WallStreet Journal reported, citing people familiar with the matter.
Under the arrangement, UBS is rewarded for cooperating with investigators and turning over information about other banks, the Journal reported.
UBS has been granted immunity in a case relating to efforts to manipulate the London interbank offered rate, or Libor, according to WSJ. (http://link.reuters.com/gym84v)
Authorities in the United States, Britain and elsewhere have so far fined UBS, Royal Bank of Scotland, Barclays , Rabobank and brokerICAP $3.7 billion for manipulating rates.
The Libor and its European cousin (Euribor) are used to price hundreds of trillions of dollars in assets, from mortgages to derivatives.
Updated: Saturday November 23, 2013 MYT 6:52:50 AM
UBS reaches immunity deal with EU over Libor
NEW YORK: UBS AG has reached an immunity deal with European Union authorities that will protect the Swiss bank from further penalties for alleged manipulation of key interest rates, the WallStreet Journal reported, citing people familiar with the matter.
Under the arrangement, UBS is rewarded for cooperating with investigators and turning over information about other banks, the Journal reported.
UBS has been granted immunity in a case relating to efforts to manipulate the London interbank offered rate, or Libor, according to WSJ. (http://link.reuters.com/gym84v)
Authorities in the United States, Britain and elsewhere have so far fined UBS, Royal Bank of Scotland
The Libor and its European cousin (Euribor) are used to price hundreds of trillions of dollars in assets, from mortgages to derivatives.
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€
d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics» WTO reaches its first ever trade deal at Bali meeting
» U.S. Senate panel reaches deal on military authorization for Syria
» Barclays sorry for Libor as profits top $6.6b
» AZRB reaches financial close on RM1.5b KLORR
» MRT'S overall progress reaches 28.55 pct
» U.S. Senate panel reaches deal on military authorization for Syria
» Barclays sorry for Libor as profits top $6.6b
» AZRB reaches financial close on RM1.5b KLORR
» MRT'S overall progress reaches 28.55 pct
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|