Article: Six former UBS forex staff banned by Swiss watchdog

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Six former UBS forex staff banned by Swiss watchdog

Silke Koltrowitz, Steve Slater, Kirstin Ridley, 17 December 2015

Six former UBS managers and traders have been banned for up to five years for alleged manipulation of foreign exchange and precious metals markets in the first sanctions handed out by authorities in a global investigation.

Swiss financial watchdog FINMA said on Thursday the six, who were not named, were directly responsible for serious breaches of regulation and had been banned for between one and five years for failings related to currency and precious metals trading.

FINMA has stolen a march on worldwide criminal and regulatory peers, which are also investigating individuals for alleged misconduct in the $5 trillion-a-day currency market after seven banks were fined around $10 billion and four lenders pleaded guilty to attempted market manipulation.

“Traders shared confidential client information, sometimes revealing the identity of clients to third parties, deliberately triggered stop-loss orders and engaged in front running,” FINMA said in a statement.

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