UBS is holding talks with the US Department of Justice (DoJ) to reach a settlement over the foreign exchange market probe.
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Currently, DoJ is probing into alleged rigging of rates by traders and salesmen at various banks, reports The Financial Times.
According to media reports, talks of UBS and DoJ are still in the early stages and the details are yet to be worked out.
However, UBS would become the first lender to settle with the DoJ since it started the probe if the deal is signed.
UBS conducted an internal investigation into allegations of forex market manipulation in 2013, in a bid to strike immunity agreements ahead of its competitors.
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By GlobalDataUBS, Barclays, Citigroup, HSBC, JPMorgan Chase, and the Royal Bank of Scotland have been meeting the Financial Conduct Authority of UK to discuss the details of a global settlement to FCA’s probe into the forex market.
Currently, UBS records the highest number of suspended traders – a minimum of seven – across London, New York, Singapore and Zurich in the global probe against at least 15 banks.
