UK's FSA fines UBS 160 million pounds for Libor rigging

Wednesday, 19 December 2012 11:24

Posted by Asad Naeem

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LONDON: Britain's Financial Services Authority fined Swiss bank UBS 160 million pounds for manipulating the Libor interest rate in four countries over six years.

UBS said separately on Tuesday it will pay a total of 1.4 billion Swiss francs to settle charges with Swiss, UK and US regulators for manipulating the London interbank offered rate (Libor).

"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," FSA director of enforcement Tracey McDermott said in a statement.