The bank had recently been cornered by EU and US investigators for an inexplicit and alleged involvement in global foreign exchange scandal.
ForexMinute.com – Quite contrary to its earlier announcement of participating in Euromoney FX Annual Poll for the last time, UBS has now decided to pull itself completely out of the survey, amidst the ongoing London fixing investigations. The bank had earlier accepted its involvements in the manipulations of forex exchange fixes with other major banks, whilst agreeing to fully cooperate with the investigators to avoid heavy penalties.
Though the global firm has not released any statement in regards of their alleged involvement in the forex fraud, nor it has blamed the scandal to be the reason of moving out from the Euromoney survey. Instead they have released a memo that mentions useless time and effort to be the reason of their wrap up from the poll. Excerpts:
“For many years UBS FX has been an active participant in the annual Euromoney FX Survey, as it is recognized as a key market barometer to gauge volumes in the FX market. In recent years this has consumed an increasing amount of time and resources both for you, in participating in the Survey, and for us in gearing up the support to reflect the work we have done… Euromoney is also trying to increase the number of clients it is contacting directly in order to collate results in its constant effort to improve the accuracy and credibility of the survey.”
“As a result after careful consideration we feel that the time and effort involved is disproportionate. We have therefore decided that this was our last year of participation, albeit with a lighter touch, in the survey and we will no longer be participating.”
Readers must also know that UBS is the third major bank – after JP Morgan and Morgan Stanley – to have ducked the next year’s Euromoney FX Survey.
To contact the reporter of the story: Jonathan Millet at firstname.lastname@example.org