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Swiss Banking Giant UBS Settles $135 Million with US Law Firm Hausfeld in FX Fixing Litigation
- UBS is the latest bank to settle in the troublesome forex manipulation cases. Hausfeld, a US-based law firm issued a note reporting a settlement with the bank for $135 million, adding that the bank would help in the case.
Friday, 13/03/2015 | 19:04 GMT by
Adil Siddiqui
UBS Financial Statement: No Losses from Black Thursday but FX Margins Contract in Q4
- In its Q4 financial statement, UBS revealed that FX trading revenues remained flat with Q3 levels even as client trading activity increased during the quarter, signalling a drop in margins.
Tuesday, 10/02/2015 | 11:01 GMT by
Ron Finberg
US Department of Justice Widens FX Probe to Include Currency-Linked Products
- The DoJ will examine currency-linked investments sold by Barclays and UBS. The structured products under scrutiny are both based on carry trades and were sold to Swiss hedge funds and other sophisticated investors.
Monday, 09/02/2015 | 11:56 GMT by
Kenny Mariasin
UBS Securities Tabs Orc Execution Technology for Faster DMA Access to ASX
- The Swiss banking group’s securities division will use Orc’s low-latency access and a revamped pre-trade risk management solution, Orc Flow Control, to deliver multi-market order flow to its clients.
Monday, 12/01/2015 | 08:52 GMT by
Victor Golovtchenko
UBS Promotes Shane Edwards to Head of Global Equity Derivatives
- UBS Investment Bank has appointed Shane Edwards as its newest Head of Global Equity Derivatives operations, promoting him after just two years as the group’s equity derivatives executive committee.
Wednesday, 03/12/2014 | 00:02 GMT by
Jeff Patterson
Tax Evasion Crackdown Hits the Buffers as Smoking-Gun-Wielding Banker Is Found Innocent
- In a blow to attempts to restrain rampant tax evasion, a Senior ex-UBS banker is acquitted of defrauding the US government by helping UBS conceal $20 Billion. The difference between tax avoidance and tax evasion is the thickness of a prison wall.
Wednesday, 05/11/2014 | 08:06 GMT by
George Tchetvertakov
UBS Adds $2Bn to Its Litigation Warchest as Regulators Sharpen Their Sabres
- The Top 10 banks are building sizeable capital reserves to mitigate a looming regulatory backlash specifically aimed at FX-rate manipulation. Regardless of the penalties, "litigation and regulatory matters will remain elevated for the foreseeable future".
Tuesday, 28/10/2014 | 14:34 GMT by
George Tchetvertakov
Regulatory Authorities Nearing FX Manipulation Charges, Fines Approaching $41B?
- Following a yearlong investigation by a number of global regulators alleging FX manipulation by many of the world’s leading banks, the potential costs associated with fines are starting to be weighed.
Tuesday, 21/10/2014 | 08:33 GMT by
Jeff Patterson
UBS Announces Settlement Talks Over Forex Rate Manipulation
- Despite admissions that large banks colluded to manipulate FX rates, regulators are taking the view that it was only "conduct breaches" among rogue individuals rather than "deliberate manipulation" of the FX market.
Monday, 29/09/2014 | 12:31 GMT by
George Tchetvertakov
Six Banks to Fix Foreign Exchange Fixing Violations Via £1-2 Bln Settlement
- According to a Financial Times report the FCA started settlement negotiations with Barclays, Citigroup, HSBC, JPMorgan Chase, the Royal Bank of Scotland and UBS for foreign exchange fixing manipulation.
Friday, 26/09/2014 | 16:25 GMT by
Victor Golovtchenko
CFTC Transfers Alleged Criminal Rate Rigging to the US Department of Justice
- The violations in the foreign exchange benchmarking process could also lead to criminal investigations, but just as big banks are too big to fail, they are also too big to be criminalized.
Tuesday, 09/09/2014 | 09:03 GMT by
Victor Golovtchenko
UBS Reorganizes, Creates New DCM Division Headed by Mike Davidson
- UBS AG has reorganized one of its divisions to help bridge the gap and foster cohesion between public and private entities, naming Mike Davidson as its Global Head of Debt Capital Markets and Client Solutions (DCMCS).
Thursday, 07/08/2014 | 14:09 GMT by
Jeff Patterson
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