UBS traders said tried to rig HK benchmark rate

Pointing Finger

UBS traders tried to rig Hong Kong’s benchmark interest rate between 2006 and 2009, the city’s central bank said following a probe that lasted more than a year.

Bloomberg reports that the Hong Kong Monetary Authority had found about 100 internal chat messages containing 'change requests' by several UBS traders for the bank’s submissions to set the Hong Kong Interbank Offered Rate, according to a statement distributed to media Friday.

While the change requests had a negligible impact on the final Hibor fixing, the HKMA has asked UBS to take disciplinary action against the staff members responsible.

To access the complete Bloomberg article hit the link below:

UBS Traders Found to Have Tried Rigging Hong Kong Interbank Rate

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