Central Banking

HKMA rebukes UBS over attempts to rig Hibor

Swiss bank instructed to correct ‘control and governance weaknesses’


The Hong Kong Monetary Authority (HKMA) today ordered Swiss bank UBS to take "appropriate disciplinary actions" against six traders that attempted to rig the Hong Kong Interbank Offered Rate (Hibor) between 2006 and 2009.

The central bank found around 100 internal messages involving the traders and the bank's rate submitter that contained "change requests... with a view to rigging the bank's submissions" for the Hibor fixing.

The HKMA said there was evidence that around one-third of the messages

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