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UBS says cooperating with Singapore regulator in rate review
June 14, 2013 / 12:12 PM / in 4 years

UBS says cooperating with Singapore regulator in rate review

ZURICH, June 14 (Reuters) - UBS said it is cooperating with Singapore’s regulator following the city-state’s censure of 20 banks whose traders were found to have manipulated benchmark borrowing and currency rates.

“These were the actions of a few in the past, and we regret the inappropriate behaviour of those involved,” a spokesman for Zurich-based UBS said in a statement.

The Monetary Authority of Singapore (MAS) said that it had found 133 traders had tried to inappropriately influence the rates, and ordered the banks which employed them to set aside additional reserves for a year.

Some of their cases have now been referred to the city-state’s white collar crime unit and the Attorney General’s Chambers, though MAS said no offence under Singapore law appeared to have been committed.

UBS is among a host of banks ordered to set aside additional reserves, with each having to post between an extra S$1 billion ($799.52 million) and S$1.2 billion with the central bank. (Reporting By Oliver Hirt. Writing by Katharina Bart.)

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