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European bank Shares Rebound As Ubs Gains Favour With Investors

UBS, one of the world’s largest banks, has been fined for rigging European bank rates. This comes after a number of other banks have been fined in recent months for similar offenses.

1. What are European bank rates, and why is rigging them a big deal?

European bank rates are the interest rates set by the European Central Bank (ECB) for borrowing and lending money between banks in the eurozone. These rates play a key role in the eurozone economy, and can have a big impact on businesses and consumers.

Rigging these rates is a big deal because it can distort the economy, and can lead to businesses and consumers paying more for loans or getting a worse return on their savings. It can also make it harder for businesses and consumers to borrow money when they need it.

2. How did UBS allegedly rig the rates?

UBS allegedly rigged the rates by manipulating the submissions made to the Libor panel. This was done by submitting false or misleading information in order to benefit their own trading positions. In some cases, UBS traders were even asking colleagues at other banks to submit rates that would benefit UBS’ trading positions.

3. What are the consequences of UBS’s actions?

UBS was fined $1.5 billion for its role in the LIBOR scandal. This is the second largest fine ever levied by the CFTC. The consequences of UBS’s actions will be felt by the company for many years to come. UBS has also agreed to a deferred prosecution agreement with the DOJ. As part of this agreement, the company will admit to its role in the LIBOR scandal and will agree to a number of reforms. These reforms include enhanced internal controls, the promotion of a culture of compliance, and the establishment of a compliance officer.

This latest fine is yet another example of the banking industry’s lack of ethics. It is clear that banks are willing to break the law in order to make a profit, and this needs to change. We need to see more regulation and stricter penalties for those that engage in this type of behavior.

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