, Japan

Will UBS and Citigroup be punished in Japan?

Their employees allegedly asked bankers to change rates they submit for setting Tibor to gain an advantage.

According to Bloomberg, the local brokerage units of UBS and Citigroup may be penalized by Japan’s Financial Services Agency for attempting to influence the Tokyo interbank offered rate.

Bloomberg noted that apart from the Tibor inquiry, Citigroup is facing potential penalties in Japan for compliance violations at its local banking unit.

There is no evidence that the Tibor rate was manipulated following the actions, an SESC official said at a news conference today, according to Bloomberg. 

View the full story here.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Lorem Ipsum
Contrary to popular belief, Lorem Ipsum is not simply random text.