European Union antitrust regulators are examining the possible manipulation of currency rates, following a Swiss probe into whether banks colluded to manipulate the $5.3 trillion-a-day foreign exchange market.
Three former ICAP Plc employees were charged by U.S. prosecutors in a scheme to manipulate Libor as the interdealer broker was fined $88 million in a five-year international probe of rigging of benchmark interest rates.
Transactions within virtual economies or using virtual currencies may produce taxable income and the U.S. Internal Revenue Service should find low-cost ways to make taxpayers aware of compliance risks, according to a report by the Government Accountability Office.
UBS AG and Deutsche Bank AG said they don’t owe taxes over a 2003 compensation plan U.K. authorities argue was designed to avoid millions of pounds in taxes and national insurance contributions on employee bonuses.
U.K. prosecutors are poised to arrest former traders and rate setters at UBS AG, Royal Bank of Scotland Group Plc and Barclays Plc within a month for questioning over their role in the Libor scandal, a person with knowledge of the probe said.
Tom Hayes, the former UBS AG derivatives trader at the center of a global investigation into manipulation of benchmark interest rates, may face criminal charges in the U.K. as soon as this week, two people familiar with the investigation said.
Citigroup Inc., the third-biggest U.S. bank by assets, will let managers of its hedge funds own part of the business ahead of rules that limit shareholders’ cash in the unit, Chief Operating Officer John Havens said.