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Swiss regulator bans 6 former UBS managers, traders from business over currency manipulation

GENEVA – Switzerland’s market supervisor has banned six former managers and traders at UBS AG from working in the sector for up to five years, punishment for their involvement in the manipulation of currency markets.

The Swiss Financial Market Supervisory Authority said Thursday that the former heads of global foreign exchange trading and foreign exchange spot trading — who were not identified — were banned for four and five years respectively from senior management positions at institutions it oversees.

The authority also imposed bans of at least one year on four foreign exchange and precious metals traders who worked at UBS’s spot trading desk. It says none of those involved still work at the bank.

UBS was one of several global banks that agreed last year to settlements over currency market manipulation.