Hong Kong: UBS failed to report Hibor misconduct
Hong Kong’s Monetary Authority (HKMA) today announced it has concluded its investigations into the Hong Kong Interbank Offered Rate, a financial benchmark similar to Libor. The agency said UBS traders internally attempted to rig the benchmark, and that the bank failed to report misconduct to the HKMA once it became aware of the alleged attempts – but said the effect of the rigging was “negligible”.
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