The Financial Services Authority (FSA) has fined UBS AG £160 million ($260.3 million) for misconduct relating to the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). This is the largest fine ever imposed by the FSA, and comes as part of an international joint investigation into manipulation of the indices. The bank will also pay $1.2 billion to the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC), and 59 million Swiss francs from its estimated profit to Swiss regulator Finma. UBS's breaches of the FSA's requirements encompassed a number of issues, involved a significant number of employees and occurred over a period of years in a number of countries. Between January 1, 2005 to December 31, 2010 the misconduct included: UBS's traders routinely making requests to the individuals at UBS responsible for determining its Libor and Euribor submissions to adjust their submissions to benefit the traders' trading positions.
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