UBS AG, Switzerland’s biggest bank, and Britain’s Barclays Plc escaped $4.3 billion in European Union antitrust penalties, vindicating their strategy to reveal to the watchdog collusion to rig benchmark interest rates.
Nordea Bank AB, the Nordic region’s largest bank, will open a full-scale currency and money markets desk in Singapore to offer clients trading around the clock as it expands services for customers with operations in Asia.
The U.K.’s Investment Management Association, whose members oversee about 4.5 trillion pounds ($7.4 trillion) of assets, is pressing regulators to provide more information about the alleged manipulation of the foreign- exchange market, said two people with knowledge of the matter.
Stocks in the Philippines, Thailand and Indonesia, the best performers worldwide during the past five years, are leading losses in emerging markets this month as foreign outflows approach a record on signs of slowing growth.
UBS AG, Switzerland’s biggest bank, said Chris Vogelgesang will step down as co-head of foreign exchange and precious metals as the bank merges the unit with rates and credit amid regulatory probes into currency markets.
Every business day in London, five banks meet to set the price of gold in a ritual that dates back to 1919. Now, dealers and economists say knowledge gleaned on those calls could give some traders an unfair advantage when buying and selling the precious metal.