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U.S. Assistant Attorney General Lanny A. Breuer Speaks At The UBS Press Conference
Date 19/12/2012
Thank you, Attorney General Holder.
Today, UBS Japan has agreed to plead guilty in connection with one of the most significant scandals ever to hit the global banking industry. For years, including at the height of the financial crisis, UBS manipulated its submissions to the British Bankers’ Association for calculation of the London Interbank Offered Rate, or LIBOR. UBS AG, the banking giant and parent company of UBS Japan, has also entered into a non-prosecution agreement with the Justice Department, agreeing together with UBS Japan to pay $500 million to resolve our allegations related to the bank’s manipulation of LIBOR. Together with approximately $1 billion in regulatory penalties and disgorgement, these criminal penalties bring the total amount of today’s resolution to $1.5 billion.
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Statement Of Support By CFTC Commissioner Scott D. O’Malia For Bringing And Settling Charges Against UBS AG And UBS Securities Japan, Co., Ltd.
Date 19/12/2012
I fully support an internationally coordinated enforcement effort to bring charges against UBS AG and UBS Securities Japan Co., Ltd for manipulation and false reporting of certain global benchmark interest rates. In the wake of a series of scandals involving these benchmarks, I urge U.S and international regulators to implement a comprehensive transaction-based solution to assessing the accuracy of such rates to ensure integrity of global financial markets.
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U.S. Attorney General Eric Holder Speaks At The UBS Press Conference
Date 19/12/2012
Good morning – and thank you all for being here. Today, I’m joined by Assistant Attorney General Lanny Breuer, of the Justice Department’s Criminal Division; Deputy Assistant Attorney General Scott Hammond, of the Antitrust Division; David Meister, Director of Enforcement for the U.S. Commodity Futures Trading Commission; and Associate Deputy Director Kevin Perkins, of the FBI – as we announce the latest actions in our ongoing efforts to investigate and prosecute financial crimes – and to move both fairly and aggressively in bringing the perpetrators of these crimes to justice.
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Russell Eurozone Index Reflected A 20.1% YTD 2012 Gain As Of 12/17 As Russell Investments Predicts Continued "Downward Spiral" In 2013 In Southern Europe
Date 19/12/2012
The Russell Eurozone Index reflected a return of 20.1% year-to-date as of December 17th, 2012. Northern European countries enjoyed the strongest gains within the Eurozone Index, with Belgium (37.2%)-, Austria (35.4%) and Germany (31.0%) leading the way year-to-date as of 12/17. In Southern Europe, Greece (19.9%) led the way year-to-date as of 12/17, while Spain (1.5%) had the lowest year-to-date return within the Index.
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SEC Charges Advisory Firms And Portfolio Managers For Roles In Collapse Of Midwest-Based Closed-End Mutual Fund
Date 19/12/2012
The Securities and Exchange Commission today charged two investment advisory firms and two portfolio managers responsible for managing a Midwest-based closed-end mutual fund for their roles in the failure to adequately inform investors about the fund’s risky derivative strategies that contributed to its collapse during the financial crisis.
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CFTC Orders UBS To Pay $700 Million Penalty To Settle Charges Of Manipulation, Attempted Manipulation And False Reporting Of LIBOR And Other Benchmark Interest Rates
Date 19/12/2012
The U.S. Commodity Futures Trading Commission (“CFTC”) announced an Order today againstUBS AG and UBS Securities Japan Co., Ltd. (together “UBS” or the “Bank”), bringing and settling charges of manipulation, attempted manipulation and false reporting of certain global benchmark interest rates. These benchmarks, which are enormously significant to the American public and to financial markets, are the basis for hundreds of trillions of dollars of swaps transactions, commercial and consumer loans, futures contracts, and other financial derivatives products traded in over-the-counter markets and exchanges around the world. The Order requires UBS to pay a $700 million civil monetary penalty, cease and desist from further violations as charged, and take specified steps to ensure the integrity and reliability of its LIBOR and other benchmark interest rate submissions and improve related internal controls.
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UBS Securities Japan Co. Ltd. To Plead Guilty To Felony Wire Fraud For Long-Running Manipulation Of LIBOR Benchmark Interest Rates - Two Former Senior UBS Traders Face Felony Charges Unsealed Today UBS AG To Pay Substantial Penalty In Agreement Reflecting Substantial Cooperation, Significant Changes
Date 19/12/2012
UBS Securities Japan Co. Ltd. (UBS Japan), an investment bank, financial advisory securities firm and wholly-owned subsidiary of UBS AG, has agreed to plead guilty to felony wire fraud and admit its role in manipulating the London Interbank Offered Rate (LIBOR), a leading benchmark used in financial products and transactions around the world, Attorney General Eric Holder announced today. The criminal information, filed today in U.S. District Court in the District of Connecticut, charges UBS Japan with one count of engaging in a scheme to defraud counterparties to interest rate derivatives trades by secretly manipulating LIBOR benchmark interest rates.
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"A Conscience Isn't Nonsense" - Statement Of CFTC Commissioner Bart Chilton On UBS Settlement
Date 19/12/2012
Every so often, folks wonder if some in the financial sector believe that having a business conscience is nonsense. Financial sector violations are hurtling toward us like a spaceship moving through the stars. All too often, penalties have been a simple cost of doing business. That needs to change.
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MIAX Fee Schedule
Date 19/12/2012
Details are available in the full MIAX Fee Schedule at:http://www.miaxoptions.com/sites/default/files/circular-files/MIAX_RC_2012_012.pdf
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Statement On Settlement Order Against UBS, CFTC Chairman Gary Gensler
Date 19/12/2012
Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler today made the following statement on the CFTC’s enforcement action that requires UBS to pay a $700 million penalty for unlawful conduct related to LIBOR:
“Falsely reported LIBOR and other benchmark rates undermine the integrity of markets and shake the public’s trust in our financial system. These rates are at the absolute core of our economy. Banks must not falsely report rates to protect their reputation, or try to manipulate benchmarks to increase trading profits."
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