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March 27, 2014

UBS Said to Suspend Traders in New York, Zurich, Singapore

“UBS AG suspended foreign-exchange traders in the U.S., Singapore and Switzerland as its investigation into the alleged rigging of currency markets widened, according to a person with knowledge of the matter.

“They include Onur Sert, an emerging-markets spot trader based in New York, and at least three more worldwide, said the person, who asked not to be identified because of the probe. Sert and Dominik von Arx, a spokesman for UBS in London, both declined to comment on the suspensions.

“Switzerland’s largest bank opened a review of its currency operations last year after Bloomberg News reported in June that traders in the industry had colluded to rig the WM/Reuters rates, a benchmark used by investors and companies around the world.

“Sert, 30, previously worked for Standard Chartered Plc. UBS suspended Niall O’Riordan, its co-chief dealer, last year after regulators announced they were probing the $5.3 trillion-a-day market. The Zurich-based firm has also banned employees from taking part in instant-message groups involving other banks.”

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Read full Bloomberg article here.

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