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Stock Market & Financial Investment News

News Breaks
December 19, 2012
11:17 EDTUBSDOJ files charges against UBS Securities Japan for LIBOR manipulation
The Justice Department is filing a criminal information charging UBS Securities Japan – a subsidiary of the multinational financial institution UBS – with felony wire fraud for engaging in a scheme to manipulate the London Interbank Offered Rate, or LIBOR – a key benchmark for financial products and transactions around the world. The company has agreed to plead guilty to this charge, to admit to its criminal conduct, and to pay a $100M fine. UBS AG – the parent company of UBS Japan – has agreed to pay a penalty of $400M to the U.S government; to admit and accept responsibility for its misconduct; and to continue cooperating with the Department’s ongoing investigation as part of a non-prosecution agreement. Combined with roughly $1 billion in regulatory penalties and disgorgement, these criminal fines and penalties bring today’s total resolution to approximately $1.5B. The non-prosecution agreement illustrates the significant steps that UBS has taken to help investigators uncover LIBOR misconduct, and to implement remedial measures strengthening the company’s internal controls. Reference Link
News For UBS From The Last 14 Days
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April 7, 2014
13:08 EDTUBSPanel rules UBS unit to pay $5.4M to ex-broker, Reuters says
A Financial Industry Regulation Authority arbitration panel ruled that a unit of UBS has to pay $5.4M to an ex-broker to settle a dispute which stemmed from the sale of Lehman structured notes to his clients, reported Reuters. Reference Link
06:58 EDTUBSDark markets could cause more harm than high-frequency trading, Reuters says
After a book by financial author Michael Lewis sparked worries that high-speed traders have been rigging the U.S. stock market, former regulators and academics say a more serious threat to investors could be the increasing amount of trading that happens outside of exchanges, reported Reuters. Top internalizers include units of KCG Holdings (KCG), Citadel, UBS (UBS), and Citigroup (C). Dark pool operators include Credit Suisse (CS) and Morgan Stanley (MS). In an attempt to earn back some of the retail orders, exchanges such as IntercontinentalExchange Group's (ICE) New York Stock Exchange, Nasdaq (NDAQ), and BATS Global Markets, have allowed brokerages to place dark pool-style orders on their platforms, with the trade hidden until after it is executed. Reference Link

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