UBS to settle allegations over precious metals trading
By GCRU Gold News on Sunday, November 9 2014, 20:35 - Permalink
UBS is to settle allegations of misconduct at its precious metals trading business alongside a planned agreement between UK and US authorities and seven banks over accusations of foreign exchange market rigging.
UBS is expected to strike a settlement over alleged trader misbehaviour at its precious metals desks with at least one authority as part of a group deal over forex with multiple regulators this week, two people close to the situation said. They cautioned that the timing of a precious metals deal could still slip to a date after the forex agreement.
One person familiar with UBS’s internal probe said that the bank found a small number of potentially problematic incidents at its precious metals desk.