“They manipulated UBS’ submissions in order to benefit their own positions and to protect UBS’ reputation, showing a total disregard for the millions of market participants around the world who were also affected by Libor and Euribor.”

—Tracey McDermott, director of enforcement and financial crime at the U.K. Financial Services Authority in London, on the actions of certain ex-UBS traders who attempted to manipulate the London interbank offered rate and other interest rate benchmarks.