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UBS fined £940m for rate-rigging

Swiss bank UBS has agreed to pay £940 million in penalties over fixing the Libor interbank lending interest rate. The penalty was agreed with US, UK and Swiss regulators. It is to pay a record £160 million fine to the Financial Services Authority.

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UBS receives 20% discount on FSA fine

Swiss bank UBS has been fined £160 million by the Financial Services Authority, the largest fine ever levied by the City regulator.

The FSA said "at least 2,000 requests for inappropriate submissions" to the rates were documented, and at least 45 individuals, "including traders, managers and senior managers were involved, or aware of the practice of attempt to influence submissions."

The bank was awarded a 20% discount on their fine for early payment.

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