citigroup ubs accused of rate manipulation in japan
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

Citigroup, UBS accused of rate manipulation in Japan

Arab Today, arab today

Arab Today, arab today Citigroup, UBS accused of rate manipulation in Japan

Tokyo - AFP

Japan's securities watchdog has urged that the Japanese arms of Citigroup and US be penalised for trying to manipulate the short-term interest rates for interbank trading. Former staff members at UBS Securities Japan and Citigroup Global Markets Japan had tried to bring unfair benefit to their firms through interest rate manipulation, the Securities and Exchange Surveillance Commission said Friday. A British trader with UBS Securities Japan had asked banks participating in the Tokyo interbank offered rate, or Tibor, to offer rates that would help his derivative transactions, the commission said. The commission said it had evidence of wrongdoing going back to 2007 but did not know when the moves had started. He also made similar moves related to the London interbank offered rate or Libor, it added. The rates are the average interest rate that major banks in Tokyo and London charge for interbank lending, and are widely used as benchmark rates for other loans such as corporate borrowing. The man later moved to Citigroup Global Markets Japan, where he conspired with his superior in similar moves aimed at benefiting their derivative transactions, the commission said. It was not clear whether they succeeded in influencing the benchmark rates. The actions were "seriously unjust and malicious and and could undermine the fairness of the markets," the commission said, urging the Financial Services Agency to administratively penalise the two firms. The traders have either been dismissed or left Citigroup, news reports said. The commission also pointed out other irregularities at Citigroup Global Markets, including inadequate responses to the attempts to manipulate the Tibor and Libor rates.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

citigroup ubs accused of rate manipulation in japan citigroup ubs accused of rate manipulation in japan

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

citigroup ubs accused of rate manipulation in japan citigroup ubs accused of rate manipulation in japan

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 16:03 2017 Thursday ,21 December

US hits Myanmar general in new global rights sanctions
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday