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UBS 'manipulated Swiss franc rates since 2001'

Published: December 23, 2012
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Source: France24

Swiss banking giant UBS, which last week was slapped with $1.5 billion in fines for manipulating global interest rates, also tampered with Swiss franc interest rates for more than a decade, a Swiss newspaper reported Sunday.

"The bank did not only contribute to manipulating global interest rates on the dollar, the British pound and the yen, but... also systematically played with interest rates on the Swiss franc," Le Matin reported.

Quoting findings in a US justice department probe, the paper said there was evidence that UBS traders had manipulated the rates from 2001.

UBS was hit with the second-largest banking fine ever last week by US, British and Swiss authorities after they revealed evidence of massive misconduct in the setting of the Libor rate, a global reference that affects products from student loans to mortgages.

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