The media has reported that trades at some large rates had set schemes to manipulate interest rates around the world as a way to make money. UBS has helped authorities track the practice which would be one in a very long line of attempts by banks, financial firms, and hedge funds to tilt market activity in the direction of their investments.
According to The Wall Street Journal
A group of traders and brokers successfully managed to manipulate an interest rate that affects loans around the world, one of the banks being investigated has told regulators.
In a court filing in Ottawa, Canada’s Competition Bureau said a bank it didn’t identify has told the agency’s investigators that people involved in the alleged scheme “were able to move” interest rates.
With each incidence of this kind of behavior, whether it be trading that influences bond or futures markets or insider trading, the people who participate never seem to think they will be caught
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