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UBS investigated over alleged Libor manipulation

Swiss bank UBS is being investigated by US regulators for allegedly manipulating the interbank lending rate Libor, the BBC reports.

UBS says is has received subpoenas from the Securities Exchange Commission, Commodity Futures Trading Commission and Departments of Justice. These refer to submissions the bank made to the British Bankers’ Association, which sets the Libor rate.

UBS is conducting an internal review into the allegations, according to the BBC.

In its annual report, published yesterday, the bank said: “UBS understands that the investigations focus on whether there were improper attempts by UBS, either acting on its own or together with others, to manipulate Libor rates at certain times.”

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