Traders Manipulated Key Rate, Bank Says
A group of traders and brokers successfully managed to manipulate an interest rate that affects loans around the world, one of the banks being investigated has told regulators.
In a court filing in Ottawa, Canada's Competition Bureau said a bank it didn't identify has told the agency's investigators that people involved in the alleged scheme "were able to move" interest rates.
People familiar with the situation said the "cooperating party" is UBS AG.
The Swiss bank has said it is assisting regulators in a sprawling interest-rate probe in North America, Europe and Asia, which has led to a score of individuals being fired or suspended by major U.S. and European banks and leading brokers.
No banks or individuals have been charged with wrongdoing.
The benchmark interest rates at the center of the probe are used to price home and auto loans, corporate debt and derivatives totaling more than $350 trillion. READ MORE...
| Posted by JEAN EAGLESHAM, PAUL VIEIRA and DAVID ENRICH on Feb 17, 2012 | ||
| 0 Comments |  Post A Comment |
|