gata.org / By Jan Harvey / 2014-11-12 15:27
Clear Attempt to Manipulate Precious Metals Benchmarks at UBS, FINMA Says
By Jan Harvey
Reuters
Wednesday, November 12, 2014
LONDON — Swiss regulator FINMA said on Wednesday that it found a “clear attempt” to manipulate precious metals benchmarks during its investigation into precious metals and foreign exchange trading at UBS.
The benchmark known as the gold “fix” is used to ascertain reference prices twice daily for the precious metals industry. Along with other precious metal benchmarks, it has come under increased regulatory scrutiny since the Libor manipulation scandal broke in the foreign exchange market in 2012.
“The behaviour patterns in precious metals were somewhat similar to the behaviour patterns in foreign exchange,” FINMA director Mark Branson said in a conference call with journalists.
He said that as UBS has precious metals and foreign exchange desks under combined leadership, it was not surprising to find similar behaviour.
“But we have also seen a clear attempt to manipulate fixes in the precious metal market.” …
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