On December 19, 2012, the FSA announced that it had fined UBS £160 million for misconduct relating to LIBOR and EURIBOR. The FSA’s final notice found that the misconduct was extensive and widespread, occurred in various locations around the world including Japan, Switzerland, the UK and the USA and, between 1 January 2005 and 31 December 2010, included:

• The adjustment of UBS LIBOR and EURIBOR submissions to benefit UBS traders’ trading positions;
• Colluding with interdealer brokers  to manipulate the Japanese Yen LIBOR submissions of panel banks to the benefit of UBS traders; and

Adopting LIBOR submissions directives whose primary purpose was to protect UBS’s reputation.