UBS e-mails shed light on Libor issues

As UBS faces a $1.5 billion settlement in connection with manipulation of the London Interbank Offered Rate, e-mails released by the UK Financial Services Authority reveal the cavalier attitude that traders brought to the practice. The e-mails also point to a tidy relationship between UBS traders and counterparts at other banks in setting the yen-denominated Libor.

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