Mark Zaino, the prosecution’s star witness in the trial of three former UBS AG municipal-bond executives, began his testimony by telling jurors how he and the defendants fixed bids on bond-investment contracts.
U.S. financial regulators are examining the indexes used in the $3.7 trillion municipal bond market, after an investigation in the U.K. found that bankers rigged a widely used benchmark for worldwide interest rates.
Peter Ghavami, former co-head of UBS AG’s municipal-derivatives group, and two former co-workers were accused by prosecutors of lying and stealing from U.S. cities and towns by conspiring to rig bids for investing proceeds of municipal bond sales.
Nasdaq Stock Market can rely on legal protections afforded exchange operators to avoid paying damages to firms that lost money on Facebook Inc., the former chief executive officer of the American Stock Exchange said.
High-frequency trading firms are drawing scrutiny from U.S. regulators seeking evidence that they may be distorting market prices by conducting transactions with themselves, said two people with knowledge of the matter.