UBS is to reviews its precious metals division
Victoria Hewitt-Marsh, News Editor
17 Mar 2014, 10:50 a.m.
UBS has confirmed it is to review its foreign exchange trading business which includes its precious metals division, following increasing scrutiny from regulatory authorities. This latest announcement closely follows the Hong Kong Monetary Authorities decision to reprimand the firm for interest rate manipulation.
Authorities around the world are now shifting their focus from investigating interest rate benchmarks to the currency and commodity markets.
This latest news from UBS closely follows Deutsche Bank decision to sell its seat on the gold fix following an investigation by the German regulator into possible gold price manipulation. British regulator The Financial Conduct Authority is also undertaking its own investigation into potential rigging of the precious metals market.