UBS falls on $8bn estimate in FX fine research report

UBS shares fell today following a research report that said the Swiss bank could have to pay $8 billion (€5.9 billion) in fines and settlements relating to alleged collusion and price-manipulation in the global currency market.

The report, published by Autonomous Research, said foreign exchange settlements could cost banks a total of $35 billion, almost six times more than the total fines paid in the Libor interest rate-rigging scandal.

The report estimates that UBS will pay $8 billion, the biggest fine for any single bank and more than the $6 billion total all banks have so far shelled out for Libor.

Next are Deutsche Bank with an expected $4.4 billion fine, and Citigroup with $4.3 billion.– (Reuters)