UBS faces Hong Kong interest rate probe

Written By Unknown on Kamis, 20 Desember 2012 | 11.25

THE Hong Kong Monetary Authority (HKMA) is investigating Swiss bank UBS over possible misconduct related to the Asian financial centre's benchmark interest rate.

The city's de facto central bank announced the probe on Thursday. The news comes a day after UBS agreed to pay a huge fine for trying to manipulate a key interest rate affecting borrowers globally.

The HKMA said it has launched a probe to determine whether there was any wrongdoing by UBS when it submitted information used to set the Hong Kong Interbank Offered Rate. It will also try to find out if the misconduct had any "material impact" on setting the rate, known as HIBOR.

The authority said it was tipped off by other regulatory authorities.


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