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Chris Bell

UBS suspends another four traders in forex investigation



UBS has suspended four more traders in the international investigation into manipulation of the $5.3 trillion a day global foreign exchange market.

Onur Sert, an emerging markets trader in New York, was among the four the bank suspended according to Bloomberg News. The report did not name the other three, but said that they were located in Singapore and Switzerland. A spokesman for UBS in London declined to comment.

Agencies in the UK, America, Switzerland, Germany and Singapore are looking into allegations of collusion and manipulation of the global forex market. Britain’s regulator formally announced it was investigating the allegations in October, the same month that the US Justice Department opened its own inquiry.

More than 20 traders at some of the world’s biggest banks have been placed on leave, suspended or fired since the various inquiries began. Regulators in the UK have said the forex investigation could be bigger than the Libor rate-rigging scandal, which has triggered criminal prosecutions as well as $6 billion in fines and settlements.


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