March 19, 2013 / 10:21 AM / 5 years ago

UBS says quits Euribor panel

ZURICH, March 19 (Reuters) - UBS said on Tuesday it is pulling out of a panel that sets money market benchmark Euribor.

“We have decided to withdraw from the Euribor panel and to focus on our core funding markets Swiss Franc and U.S. dollar,”

a UBS spokesman said, adding the decision comes after an October decision to shut down vast parts of its investment bank.

The Swiss bank paid a $1.5 billion fine in December over its role in a global scheme to manipulate rates.

UBS, which also exited an Australian rates panel earlier this month, follows Rabobank in exiting Euribor.

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