UBS subject to dark pools probes

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UBS on Tuesday became the latest bank to say it is cooperating with inquiries about alternative trading system, also known as 'dark pools', from various American regulators.

Reuters reports that the bank said in its second-quarter report that the Securities and Exchange Commission, the New York Attorney General, and the Financial Industry Regulatory Authority, or FINRA, had made inquiries.

Also, UBS booked a $280.8m charge in the second quarter mainly to settle claims it helped wealthy Germans to dodge taxes, the latest in a string of lawsuits that have targeted its private banking business.

The news agency also reports that the bank's offices in Germany were searched last year as part of an investigation of 750 cases involving foundations, a probe sparked by a CD with details of UBS clients that was purchased by the German state of North Rhine-Westphalia (NRW).

UBS, which faces a separate probe in Germany and similar probes in Belgium and France, said it aims to have all of its German clients come clean by year-end, from more than 95% currently.

UBS says cooperating with U.S. inquiries about dark pools

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