TAILIEUCHUNG - FINAL NOTICE UBS AG

Consider a nancial network in which n nancial intermediaries, `banks' for short, are randomly linked together by their claims on each other. In the language of graph theory, each bank represents a node on the graph and the interbank exposures of bank i de ne the links with other banks. These links are directed and weighted, re ecting the fact that interbank exposures comprise assets as well as liabilities and that the size of these exposures is important for contagion analysis. Chart 1 shows an example of a directed, weighted nancial network in which there are ve banks, with darker lines corresponding to higher value links | Financial Services Authority FINAL NOTICE To UBS AG Of 1 Finsbury Avenue London EC2M 2AN FSA Reference Number 186958 Date 19 December 2012 ACTION 1. For the reasons given in this notice the FSA hereby imposes on UBS AG UBS a financial penalty of 160 000 000 in accordance with section 206 of the Financial Services and Markets Act 2000 the Act . 2. UBS agreed to settle at an early stage of the FSA s investigation. UBS therefore qualified for a 20 stage 2 discount under the FSA s executive settlement procedures. Were it not for this discount the FSA would have imposed a financial penalty of 200 000 000 on UBS. SUMMARY OF REASONS 3. The London Interbank Offered Rate LIBOR and the Euro Interbank Offered Rate EURIBOR are benchmark reference rates fundamental to the operation of both UK and international financial markets including markets in interest rate derivatives contracts. 4. The integrity of benchmark reference rates such as LIBOR and EURIBOR is therefore of fundamental importance to both UK and international financial markets. 5. Between 1 January 2005 and 31 December 2010 the Relevant Period UBS breached Principles 3 and 5 of the FSA s Principles for Businesses through misconduct relating to the calculation of LIBOR and EURIBOR. UBS acting through its managers and employees sought to manipulate certain LIBOR currencies and EURIBOR during the Relevant Period. They did so in connection with the submission of rates that formed part of the calculation of LIBOR and EURIBOR. UBS through four of its Traders colluded with interdealer brokers in co-ordinated attempts to influence JPY LIBOR submissions made by Panel Banks. In addition UBS through one of its Traders also colluded with JPY LIBOR Panel Banks directly. UBS s misconduct undermined the integrity of those benchmark reference rates. Principle 5 breaches Manipulation of submissions to benefit trading positions 6. UBS acted improperly and breached Principle 5 during the Relevant Period by failing to observe proper .

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