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“They manipulated UBS’s submissions in order to benefit their own positions and to protect UBS’s reputation”

Business quote of the day.

UBS fines came to £160m. Photograph: Getty Images

“They manipulated UBS’s submissions in order to benefit their own positions and to protect UBS’s reputation”

Tracey McDermott, Financial Services Authority director of enforcement and financial crime, as the regulator hands out its largest ever fine to UBS over its manipulation of interbank lending rates. Traders at the Swiss bank showed a “total disregard for the millions of market participants around the world who were also affected by Libor” she said, as she fined UBS £160m.