UBStraders and managers on three continents used phone calls, electronic chat rooms and emails to manipulate benchmark interest rates in five currencies on an almost daily basis, according to documents filed by US, UK and Swiss authorities.
The web of activity spanned the globe, taking in traders in Japan and the US, brokers in London and elsewhere and rate submitters based in London and Switzerland.
About 40 UBS employees, traders at five other banks and 11 employees at six interdealer brokers were directly involved or aware of efforts to manipulate interbank lending rates in various currencies, according to the UK Financial Services Authority final notice.