UBS AG, which will pay $1.5 billion to settle charges with U.S. and British regulators for manipulating Libor, is under scrutiny in Hong Kong for possible misconduct linked to the benchmark rate set in the city.
The Hong Kong Monetary Authority has started an investigation to see if there was wrongdoing by the Swiss bank in its submission of data for setting the Hong Kong Interbank Offered Rate, according to a statement from the de-facto central bank Thursday. The monetary authority is also reviewing whether the potential misconduct may have had a material impact on the rate. Overseas regulators alerted the HKMA about potential manipulation of the local interbank lending rates and other reference rates in the region, it said.
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