UBS Said to Cooperate in FX Investigations in a Bid for Immunity

Bloomberg today reports that people familiar with the investigations say that UBS is cooperating with regulators in the US and the EU into the benchmark FX allegations and will disclose any wrongdoings.  As we have reported in prior posts, there is a huge incentive for all banks to consider this course of action, and we would be surprised if other banks are not doing/planning to do so.  The biggest benefits go the first movers and so there should be a rush to the investigators, as many banks have mounted internal investigations to uncover wrongdoing.  In addition, it has been previously reported that LIBOR settlements require many of the banks to cooperate in any benchmark rate investigations.

Law Firm to Lead FX Litigation Appointed

Reuters reports U.S. District Judge Lorna Schofield of SDNY has appointed the law firm of Scott + Scott LLP as interim lead counsel in a consolidated class action against the FX banks alleging manipulation. This matter appears to be proceeding rather quickly considering that news of the alleged manipulation broke not so long ago. 

In FX it's Not just the Fix under Investigation; Are Banks Racing to the Regulators?

In addition to the fix and traders trading for their personal accounts, banks are reported to have found instances of traders providing "sensitive information" (which we assume to be customer orders) to other customers and of having traded against their clients' interests by defending or preventing a breach of fx levels that will cause the client to receive an option payout.
WSJ

These allegations are reported to have been uncovered by banks during internal investigations of the fix allegations.  That leads us to this article by Reuters which says that UBS approached investigators last September to provide evidence of misconduct in an effort to get preferential treatment from the regulators when/if punishments are meted out to banks.  We had a prior post regarding the 'first mover advantage" to a bank being the first to provide evidence to regulators (see here May a Bank Tell All to Regulators?)

NYT Dealbook: Senior FX Execs from Goldman and Citi to Step Down

Dealbook reports that senior FX officials from Goldman and Citi are stepping down in part due to fallout from the continuing investigations over alleged FX manipulation. I don't recall so many executives losing their jobs from the LIBOR investigations. Is anyone keeping count?