- LONDON: Swiss bank UBS said it had received subpoenas from US and Japanese regulators regarding whether it made “improper attempts” to manipulate LIBOR rates, the benchmark price for interbank borrowing costs.
“UBS understands that the investigations focus on whether there were improper attempts by UBS, either acting on its own or together with others, to manipulate LIBOR rates at certain times,” the bank said in its annual report.
UBS said it had received subpoenas from the US SEC, Commodity Futures Trading Commission and Department of Justice regarding its submissions to the British Bankers’ Association, which sets LIBOR rates.
It has also been ordered to provide information to the Japan Financial Supervisory Agency concerning similar matters.
UBS said it was conducting an internal review and is cooperating with the investigations. It did not provide any further details.
The BBA said it would provide a statement shortly.