In an unprecedented event, UBS AG suspended foreign-exchange traders for alleged rigging of currency markets. Including Onur Sert, an emerging spot trader based in New York, three others worldwide were suspended. However, Sert and Dominik von Arx, a spokesman for UBS in London, declined to comment on the suspensions.
The report from Bloomberg News in June stating that traders conspired to manipulate the WM/Reuters rates has prompted the Switzerland’s largest bank review its currency operations last year.
Regulators are still investigating on the communications between the traders and dealers for any evidence of unscrupulous exploitation.
While at least two dozen traders have been suspended by banks including Citigroup Inc., Royal Bank of Scotland Group Plc and Barclays Plc there is no confirmation of accusations on any firms or traders by government authorities.
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