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.

Live updates

US charges two former UBS traders over Libor rigging

Two former UBS traders have been charged by United States prosecutors in connection with efforts to manipulate Libor interest rates.

The move comes after the Swiss bank was fined £940 million by regulators for "extensive and widespread" attempts to rig interbank lending rates.

Former traders Tom Hayes and Roger Darin have been charged with conspiracy to manipulate the interbank lending rate. Mr Hayes has also been charged with wire fraud and an antitrust violation.


US to seek extradition of two former UBS traders

The US will seek the extradition of two former senior UBS traders who face criminal charges as part of a probe into Libor rate-fixing, a top official has said.

"We're going to seek their extradition and our investigation continues," Lanny Breuer, assistant attorney general for the criminal division at the US Justice Department said.

The criminal complaints are against former traders Tom Hayes and Roger Darin.

We believe that one of them is in England. The other one is in Switzerland.

Mr Hayes obviously was a very, very major trader, and we're going to continue to move forward.

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.

Integrity of Libor of 'fundamental importance'

The integrity of benchmarks such as LIBOR and EURIBOR are of fundamental importance to both UK and international financial markets. UBS traders and managers ignored this.

– Tracey McDermott, FSA director of enforcement

The Libor rate is used to set the interest rates on trillions of dollars in contracts around the world, including mortgages and credit cards.


UBS regrets 'unethical behaviour' over rate rigging

The UBS penalty is the second-largest fine paid by a bank and comes a week after HSBC agreed to pay the biggest of £1.1 billion to settle an investigation in the US into laundering money for drug cartels.

We deeply regret this inappropriate and unethical behaviour. No amount of profit is more important than the reputation of this firm, and we are committed to doing business with integrity.

– UBS Chief Executive Sergio Ermotti
Back to top