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UBS Was ‘Bad Actor’ Taking Advantage of Frozen Market: Gensler

Dec. 19 (Bloomberg) -- UBS AG’s $1.5 billion fine to U.S. and European regulators for rigging global interest rates is a “blatant example” of the problems with benchmarks not tied market trades, said Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission.

“We have yet another blatant example of what bad actors can do when a benchmark rate’s underlying market becomes virtually nonexistent,” Gensler said in a statement following the announcement of the CFTC’s $700 million fine as part of the settlement.

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