Six former managers at traders for UBS have been barred from the financial industry by the Swiss Financial Market Supervisory Authority as part of an investigation into manipulation of foreign currency markets.
UBS was among a group of the world’s largest banks that paid a combined $4.25 billion in November 2014 to settle with British and Swiss regulators and the Commodity Futures Trading Commission in the United States over their role in manipulating foreign currency markets.
The Swiss bank also agreed in May to pay more than $500 million in additional fines to the Justice Department and other authorities in the United States for its role in the manipulation of currency markets and benchmark interest rates.
The former head of global foreign exchange trading at UBS was barred from holding senior management positions at institutions supervised by the regulator for four years, while the former head of the global foreign exchange spot trading desk was barred for five years. Four former traders on the foreign exchange desk at UBS in Zurich were barred for at least one year.
None of the six former workers were named.
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