UBS under investigation in S'pore over possible rate manipulation
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In this March 12, 2008 file photo dark clouds hang above the logo of the UBS in Zurich, Switzerland. UBS is under investigation in Singapore along with other banks for possible manipulation of Libor and other benchmark rates, the Swiss bank said on Tuesday. -- PHOTO: AP
(REUTERS) - UBS is under investigation in Singapore along with other banks for possible manipulation of Libor and other benchmark rates, the Swiss bank said on Tuesday.
In notes to its third quarter earnings report, UBS said that the Monetary Authority of Singapore (MAS), as well as authorities in the United Kingdom, United States and Switzerland, are conducting investigations into whether it and other banks tried to manipulate rates.
More than a dozen banks are under investigation by regulators in the US, Europe and Asia.
However, this is the first time that UBS has disclosed that it is involved in the probe in Singapore.
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