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UBS said to seek immunity in currency-rigging probes by EU, US

NEW YORK – Switzerland’s largest lender UBS, trying to reprise its success in limiting fines in a probe of interest-rate rigging, is seeking immunity in the United States and European Union as part of the global investigation of currency markets, the Bloomberg news agency cited sources as saying.

NEW YORK – Switzerland’s largest lender UBS, trying to reprise its success in limiting fines in a probe of interest-rate rigging, is seeking immunity in the United States and European Union as part of the global investigation of currency markets, the Bloomberg news agency cited sources as saying.

UBS saved itself billions of euros in fines in December by disclosing to the EU its role in manipulating the London Interbank offered rate. Now, the bank aims to be the first to report its own conduct in currency markets to European and American regulators, said the people.

The bank is making its bid for leniency as at least a dozen regulators probe allegations that traders colluded to rig benchmarks in the US$5.3 trillion (S$6.7 trillion)-a-day currency market. The world’s biggest banks are under scrutiny, and at least 21 people have been fired or suspended as a result.

UBS declined to comment. The firm said in a regulatory filing it is cooperating with all investigations connected to currency trading.

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