Wednesday 21 February 2018

Swiss FINMA issues industry bans against six former UBS forex staff

Swiss bank UBS
Swiss bank UBS

Swiss financial market supervisory authority FINMA said it issued industry bans of between one and five years against six managers and traders formerly employed in Swiss bank UBS's foreign exchange and precious metals business.

"FINMA concluded that the individuals in question were directly responsible for the serious breaches of regulation at UBS in this business, as communicated in 2014," FINMA said in a statement on Thursday.

Four other enforcement proceedings against UBS traders were discontinued in August, FINMA said.

UBS said in May it had settled a probe by U.S. authorities over alleged rigging of currency markets by agreeing to pay $545 million in combined fines.


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