HONG KONG, March 14 A probe into Hong Kong
Interbank Offered Rate (Hibor) fixing has found material
weakness in Swiss bank UBS's internal controls and
governance in the submission process, the Hong Kong Monetary
Authority (HKMA) said on Friday.
The probe also found that UBS failed to report its staff's
misconduct to the HKMA, which the regulator said was
unacceptable. However, the investigation did not find any
evidence of collusion between banks to rig benchmark lending
The city's de facto central bank launched a probe in
December on possible misconduct relating to its submissions for
the Hibor. The investigation was extended to include HSBC
and a number of other banks in June 2013.