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UBS Tried, And Failed, To Rig Hong Kong Interest Rate

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...which elicited an utterly delightful response from the bank that sounds a lot like something the parents of a juvenile delinquent would say if it came out that their kid tried to burn down a building but was too high to light the match.

Hong Kong's de facto central bank said Friday it found evidence that UBS AG attempted to rig a local benchmark interest rate, after a more than yearlong investigation of nine banks concluded that the rate wasn't successfully manipulated...The regulator has ordered UBS to discipline the staff involved for not reporting the misconduct and work out new oversight routine within six months. "We are pleased that the investigation of the HKMA returned the same results as our own internal investigation: no collusion among banks and no noticeable impact on the fixing of HIBOR from any conduct occurring during the period in question," a UBS representative said.

Maybe want to dial down the "pleased" next time. Your employees still TRIED to manipulate the rate, they just were unsuccessful in doing so. But the intent was to have a "noticeable impact on the fixing of Hibor."

Hong Kong Probe Finds UBS Tried to Rig Rates [WSJ]


Banks Will Pay $5.6 Billion To Settle...Y'Know

Foreign exchange manipulators, come on down!