In 2016, UBS had reported to MAS that the bank had uncovered certain malpractices in Hong Kong and Singapore with regard to spread taking in OTC transactions.
SINGAPORE (Nov 14): The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $11.2 million on UBS for deceptive trades made by the investment bank’s client advisors in Singapore.
In a statement on Thursday, MAS noted that the client advisors had “engaged in acts that deceived or were likely to deceive clients about the spreads and/or interbank prices for transactions in over-the-counter (OTC) bonds and structured products”.
