ZURICH | Wed Dec 19, 2012 1:06am EST
FINMA said most of the requests to influence the benchmark interest rate submissions were made by one UBS trader who worked in Tokyo between 2006 and 2009.
"Substantial failings in the system and control processes for Libor submissions at UBS prevented the improper interference with interest rates from being discovered and the bank from reacting appropriately," FINMA said in a statement.
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