UBS suspends four traders
As we are all aware there is a global investigation being carried out into alleged collusion and manipulation in the foreign exchange market, in the wake of this, UBS AG has suspended four of its traders. Three of the traders are unknown at present, but it is known that Onur Sert, who is an emerging markets trader, is named amongst the four. It is believed that the remaining three are in Switzerland and Singapore.
As we are all aware the global Forex market trades around $5.3 trillion per day and authorities in the UK, Germany, Singapore, Switzerland and the United States are looking into the allegations that the market has been subject to manipulation as well as collusion. In the UK, the market regulator announced in October 2013 that it was looking into allegations but was believed to have started these investigations very early in the same year. The U.S Justice Department also began looking into the matter at the same time the UK announcement was made.
Apparently is believed that UBS had approached the authorities in the U.S in September 2013 relating the probe in the hope that they would gain antitrust immunity, should they be charged with any wrong doing.
It is known that since the probes began 20 traders have been placed on leave, some dismissed and others have been suspended from the world’s biggest banks.