LIBOR Case Haunts UBS as SIX Exchange Starts Investigation Against the Swiss Bank

SIX Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term has announced that it is opening up an investigation into UBS AG, a Swiss banking giant. The investigation is around UBS’s involvement in the LIBOR scandal which shocked the industry. The Swiss exchange’s regulatory division is basing its investigation on major breaches made by the bank in accordance with its rules on ad hoc publicity.

The latest investigation comes as no surprise to the bank as the on-going dilemma targeted Dutch-based Rabobank as reported by sources close to the matter. UBS came under the radar earlier this year when it was fined an amount of $1.5 billion. In the latest episode, UBS will be under the limelight with the regulator who is looking at a UBS notification issued in Q4 2012.

The official notification states: “Having completed its preliminary investigation, SIX Exchange Regulation, which is charged by SIX Swiss Exchange Ltd with the monitoring and enforcement of issuer obligations, is now opening an investigation against UBS AG on the grounds of possible breaches of the rules governing ad hoc publicity.”

Leading inter-dealer broker, ICAP, faced the regulatory axe in relation to the LIBOR debacle.