HKMA probes UBS over rate rigging claims
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Hong Kong’s de facto central bank said on Thursday that it would probe Swiss banking giant UBS over claims of possible rigging of Hong Kong’s interbank offered rate (Hibor).
“The HKMA has commenced an investigation with a view to ascertaining any misconduct committed by the bank in relation to HIBOR submissions,” the Hong Kong Monetary Authority said in a statement, adding it had received information of possible misconduct.
The HKMA said it will work with overseas regulatory authorities to gather information and “consider further actions that need to be taken” pending the findings of the investigation.
The move comes a day after UBS agreed on Wednesday to pay US$1.5 billion in fines to national regulators in three countries to settle accusations that it tried to manipulate interest rates.
The probes by Swiss, British and US regulators revealed evidence of massive misconduct in the setting of the London interbank offered rate (Libor), a global reference that affects products from student loans to mortgages.