Swiss regulator fines UBS for silver price manipulation so this is now a matter of fact not speculation

Wednesday, November 12, 2014
By Paul Martin

Peter Cooper
November 12, 2014

The Swiss Financial Market Supervisory Authority found evidence of ’serious misconduct’ by UBS employees in trading precious metals and most markedly in silver in an investigation of the bank’s foreign exchange and precious metal trading operations, it emerged today.

Traders have used electronic chat media to front run silver prices. That is to say traders have been illegally employing their knowledge of an upcoming silver transaction to profit from price-sensitive orders.

Like forex manipulation

‘The behavior patterns in precious metals were somewhat similar to the behavior patterns in foreign exchange,’ said Mark Branson, Finma CEO. ‘We have also seen clear attempts to manipulate fixes in the precious metals markets.’

Regulators in Switzerland, the UK and US ordered UBS and four other banks to pay about $3.3 billion to end an investigation into the rigging of foreign-exchange rates and precious metal markets. Nobody is going to lose their jobs over silver price manipulation but ‘bonuses for foreign exchange and precious metals employees globally will be capped at 200 per cent of their basic salary for two years’.

The Rest…HERE

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