On October 7 , 2014, approximately $12 million was auto-swept overnight by UBS' depository from a customer secured amount funds account to a nonsecured amount funds account, amounting to a withdrawal of more than 25% of residual interest, resulting in a $17,500 fine
Read moreSwitzerland's UBS has agreed to pay $135 million to settle a class action lawsuit by institutional investors for FX rate manipulation, revising its profit downwards, but announcing an increase in its CEO's remuneration package in its recently released annual report
Read moreUS citizen Walter Michaelson has filed a lawsuit against UBS in a federal court in Florida, which has led to an investigation by the US Department of Justice, which is examining whether UBS traders deliberately overcharged investors such as Mr. Michaelson by carrying out the currency trades needed to execute its V10 Enhanced FX Carry Strategy, with Mr Michaelson claiming that he did not ask for this complex product which lost him $100,000
Read moreUBS Securities LLC agreed to settle the charges by paying more than $14.4 million, including a $12 million penalty that is the SEC’s largest against an alternative trading system (ATS).
Read moreAs fines have been levied, now more probes and disciplinary actions for individual traders who were alleged to be part of FX manipulation scandals are getting under way, some of the latest include one trader from UBS Switzerland and well as BNY Mellon in London. Bloomberg is reporting that co-chief currency dealer Niall O’Riordan is…
Read moreSwiss authorities have concluded that UBS acted improperly with regard to FX rate manipulation, ordering disgorgement of profits gained from fixing FX rates, as well as ordering UBS to automate its FX trading, removing the possibilities of human intervention and unlawful conduct
Read moreSwissquote is extending its range on the over-the-counter trading platform Swiss DOTS which stands for Swiss Derivatives OTC. Commerzbank is now the third issuer. In the medium term an extra of about 20,000 leveraged products will be issued by Commerzbank AG, joining the existing range of the two founding partners, UBS and Goldman Sachs. Swiss…
Read moreThe terms proposed in the talks included findings that UBS did not have adequate controls over its FX business plus the bank could face "material monetary penalties" in any deal struck with authorities
Read moreAccording to senior banking sources, the settlements, which would be confirmed simultaneously, could cost in the region of £2bn in total...
Read moreThe multibank Forex price aggregation firm states August ADV surpassed it's prior June record by 28% and grew 274% year on year.
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