Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Swiss Exchange  >  UBS Group    UBSG   CH0244767585

UBS GROUP (UBSG)
Mes dernières consult.
Most popular
Report
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

UBS : Former UBS Libor trader in court to challenge FCA ban

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/03/2018 | 12:46am CET
The logo of the new Financial Conduct Authority is seen at the agency's headquarters in the Canary Wharf business district of London

A former junior UBS trader, who is challenging a plan by Britain's regulator to ban him from financial services over Libor-related conduct, is alleging in a London court this week that his actions were sanctioned and mandated by managers.

The Financial Conduct Authority (FCA) said in April 2016 that it planned to ban Arif Hussein for alleged complicity in attempts to skew the bank's Libor (London interbank offered rate) rates between Jan. 28 and March 19, 2009.

Hussein, 38, who has opened a burger restaurant in London since leaving the Swiss-based bank in 2009, denies dishonesty and reckless behaviour and alleges communications with colleagues about Libor rates were routine and consistent with good practice, according to court documents seen by Reuters.

"His participation was not only permissible but mandated, sanctioned by the words and conduct of his senior managers

and the policy of the bank," Sara George, a lawyer from Stephenson Harwood who is representing the former sterling swaps trader, said in the court filings seen by Reuters.

"It was not reckless to follow the instruction, example and policy of the senior management of the bank."

The FCA and UBS declined to comment.

The civil case, which began on Tuesday, is being heard by the Upper Tribunal, a body that deals with challenges to FCA notices. Lawyers are not expecting a judgment imminently.

When announcing its proposed ban in April 2016, the FCA had said Hussein "understood that Libor submissions should not be made for the benefit of trading positions" and "closed his mind to the risk" that his preferences for the Libor rates could influence submissions. "In so doing he acted recklessly and lacked integrity," the FCA said.

Authorities have fined 11 financial institutions around $9.0 billion and charged about 30 people in a global inquiry into how banks set rates such as Libor and Euribor, which determine the rates on trillions of loans and financial contracts globally.

The FCA, along with U.S. and Swiss counterparts, fined UBS a total of $1.5 billion over Libor conduct in 2012. UBS said at the time it regretted what it called "inappropriate and unethical behaviour."

The case is listed until Jan. 9.

(Reporting by Kirstin Ridley. Editing by Jane Merriman)

By Kirstin Ridley

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on UBS GROUP
04:01p UBS : Announces Launch of the InsightShares Patriotic Employers ETF
01/17UBS GROUP AG : annual earnings release
01/17 EU ombudsman urges ECB's Draghi to leave G30 club of financiers
01/16 Saudi Aramco Excludes UBS, Bank of America From IPO Advice Roles -Reuters
01/16 EXCLUSIVE - SAUDI ARAMCO SNUBS UBS A : sources
01/13 MoneyGram shares jump on partnership with bitcoin-rival Ripple
01/13 MoneyGram shares jump on partnership with bitcoin-rival Ripple
01/12 UBS : and Village Capital launch VC Pathways Program for Black/Latinx/Female Ent..
01/12 May tells bankers they are a priority for Brexit amid job warnings
01/11 UBS : Announces Launch of a New Socially Conscious Investment Strategy Focused o..
More news
News from SeekingAlpha
01/04 WALL STREET BREAKFAST : Next Trigger For Shale Expansion?
01/03 Investors prepare for Mifid II
2017 Reasons To Be Bullish Bank Stocks In 2018
2017 Closing Out 2017 - A Millennial's DGI Portfolio Update
2017 The Futility Of Forecasts And My Forecast For 2018
Financials ( CHF)
Sales 2017 29 179 M
EBIT 2017 5 875 M
Net income 2017 1 288 M
Debt 2017 -
Yield 2017 3,45%
P/E ratio 2017 44,48
P/E ratio 2018 14,43
Capi. / Sales 2017 2,50x
Capi. / Sales 2018 2,42x
Capitalization 73 009 M
Chart UBS GROUP
Duration : Period :
UBS Group Technical Analysis Chart | UBSG | CH0244767585 | 4-Traders
Technical analysis trends UBS GROUP
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 28
Average target price 18,7  CHF
Spread / Average Target -1,5%
EPS Revisions
Managers
NameTitle
Sergio P. Ermotti Group Chief Executive Officer
Axel A. Weber Chairman
Sabine Keller-Busse Group COO & Head-Human Resources
Kirt Gardner Group Chief Financial Officer
Michel Demaré Independent Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
UBS GROUP5.63%76 272
BLACKROCK12.22%92 868
BANK OF NEW YORK MELLON (THE)2.77%57 185
STATE STREET CORPORATION9.01%38 956
AMERIPRISE FINANCIAL5.31%26 268
FRANKLIN RESOURCES3.62%24 676