UBS faces investigations over Libor manipulation
Has received subpoenas from several international authorities
Swiss bank UBS is facing a multi-regulator investigation over the manipulation of Libor rates, which serve as a benchmark for inter-bank borrowing costs, and are published by the British Bankers’ Association (BBA) and calculated by Thomson Reuters.
Libor rates are published by the BBA across 15 different periods, ranging from overnight to 12 months, in 10 currencies. It creates the daily rates by collating interbank borrowing rates from 16 contributor panel banks at 11.00 GMT each morning and
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