News Centre

LIBOR: FINMA Concludes Proceedings Against UBS And Orders Disgorgement Of Profits

Date 19/12/2012

The Swiss Financial Market Supervisory Authority has concluded its proceedings against UBS AG in connection with the submission of interest rates, particularly to the London Interbank Offered Rate (LIBOR). FINMA has established that UBS seriously violated Swiss financial market legislation and ordered measures to be taken to improve the processes involved. FINMA has also ordered UBS to disgorge CHF 59 million in profits to the Swiss Confederation. 

UBS Board Of Directors Authorizes Settlements Of LIBOR-Related Claims With US And UK Authorities; Swiss Regulator To Issue Order

Date 19/12/2012

• UBS agrees to pay approximately CHF 1.4 billion  in fines and disgorgement to US, UK and Swiss authorities to resolve LIBOR-related investigations.
• As part of a proposed agreement with the US Department of Justice (DoJ), UBS Securities Japan Co. Ltd. (UBSSJ) has agreed to enter a plea to one count of wire fraud relating to the manipulation of certain benchmark interest rates, including Yen LIBOR.
• UBS is making progress in risk-weighted assets (RWA) reduction in the fourth quarter and expects its fully applied Basel III common equity tier 1 ratio to be roughly in line with the third quarter's level of 9.3% , and net new money in UBS’s wealth management businesses is expected to be positive.
• UBS believes its fourth quarter net profit attributable to shareholders will show a loss, primarily as a result of provisions for litigation and regulatory matters.

UK's Financial Services Authority: UBS Fined £160 Million For Significant Failings In Relation To LIBOR And EURIBOR

Date 19/12/2012

The Financial Services Authority (FSA) has fined UBS AG (UBS) £160 million for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). This is the largest fine ever imposed by the FSA.

Closure Of Bursa Malaysia Berhad – Christmas And New Year

Date 19/12/2012

Bursa Malaysia and its subsidiaries will be closed on these dates in conjunction with the following public holidays:

New Zealand's Financial Markets Authority AFA Update: Issue # 9

Date 19/12/2012

AFA Survey Findings

We had an unprecedented response to our survey and wish to thank all of those who participated. We have attached our report setting out key themes and outlining our responses to the issues.  FMA has already started talking to industry about these issues and we will continue this dialogue in 2013. 
AFA Survey 2012 - Summary of Findings and FMA response.

ASIC: Former BG Executive Jailed For Insider Trading

Date 19/12/2012

A former executive vice president of BG Group plc, a large international gas company, has today been jailed for insider trading following an ASIC investigation. 

Osaka Securities Exchange SPAN Parameters During The Year Change Period

Date 19/12/2012

OSE will announce SPAN Parameters for calculating margin requirements at the end of 2012 and at the beginning of 2013 as below.

CME Group Announces The Expansion Of Its Currency Product Suite With The Addition Of Indian Rupee FX Futures Contracts - New Product Offering Aimed At Providing Global Customers Access Into The Fast Growing Indian Market

Date 19/12/2012

CME Group, the world's leading and most diverse derivatives marketplace and the owner of the largest regulated market for foreign exchange, today announced the launch of new foreign exchange (FX) futures contracts based on the Indian Rupee (INR). The target launch date for these contracts is for a trade date of Monday, January 28, 2013. INR futures will be listed on and subject to the rules and regulations of CME, pending regulatory approval.

Trading Hours On Nzx.com

Date 19/12/2012

NZX wishes to confirm that the NZSX, NZAX, NZDX and FSM markets will be closed on 2 January 2013. The Derivatives market will trade for an abbreviated amount of time. This will be reflected on nzx.com overnight.

CFTC Releases Rule Enforcement Review Of ICE Futures US

Date 19/12/2012

The Commodity Futures Trading Commission (Commission) has notified ICE Futures U.S. (ICE Futures or Exchange) of the results of a rule enforcement review completed by the Commission’s Division of Market Oversight (Division). The review covered the target period from November 1, 2010 to November 1, 2011. The Division assessed the Exchange’s compliance with new Core Principle 13, relating to the Exchange’s disciplinary program.