UBS pays $1.5bn for LIBOR manipulation

UBS will pay US$1.5bn in fines to US, UK and Swiss regulators for manipulation of the benchmark LIBOR and EURIBOR interest rates over the five years from January 2005 to December 2010.

Timon Molloy (timon.molloy@informa.com)

With magnificent understatement Tracey McDermott, FSA director of enforcement and financial crime, said the findings “do not make for pretty reading”. The final notice wording is more stark: in the relevant period, “every LIBOR submission in currencies and tenors in which UBS traded is at risk of having been improperly influenced”; similarly, for EURIBOR. [1]