Swiss authorities ban six for precious metal manipulation

Dec 17, 2015 - 10:54 AM GMT

The Swiss Financial Market Supervisory Authority (FINMA) has banned six managers and traders formally employed by UBS for misconduct in foreign exchange and precious metals trading, it said on Thursday.

FINMA banned the former heads of global foreign exchange trading and global foreign exchange spot trading from holding senior management positions at firms supervised by FINMA for four and five years respectively.

It also banned four traders in foreign exchange and precious metals from the bank’s spot trading desk for at least one year each.

FINMA examined thousands of suspicious chat group conversations between traders at multiple banks and found evidence of abusive practices there.

It concluded that those involved were individually responsible for the serious breaches of regulation in foreign exchange and precious metals trading at UBS.

Four further enforcement actions against UBS foreign exchange traders were discontinued in August 2015. Proceedings against one further UBS employee continue.

None of those involved are still active at UBS.


(Editing by Mark Shaw)