UBS fined $1.5bn for Libor manipulation

<p>UBS has been fined for its role in the Libor manipulation scandal.</p>

Swiss banking juggernaut UBS has been handed a $1.9 billion (£940 million) fine by regulators in the US, UK and Switzerland for attempting to rig the London Interbank Offered Rate (Libor).

UBS is the second major institution to be fined over the Libor scandal, but numerous organisations are under investigation for the roles they played in matter.

Barclays was ordered to hand over $450 million to US and UK authorities this summer, making the London-headquartered bank the first to concede to being involved in lending rate manipulation.

Libor tracks the average rate at which major international institutions based in London lend to one another, with UBS also admitting to rigging the Euribor and Tibor, which are the equivalent rates in the eurozone and Tokyo.

At close of play in New York last night (December 18th), UBS shares on the Nasdaq rose by 2.5 per cent to $16.76 per unit.

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