CFTC Orders UBS To Pay $15 Million Penalty For Attempted Manipulation And Spoofing In The Precious Metals Futures Markets - UBSâs Penalty Was Substantially Reduced In Recognition Of Its Self-Reporting, Cooperation And Remediation

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against UBS AG (UBS), requiring UBS to pay a $15 million civil monetary penalty and to undertake remedial relief.  The Order finds that from January 2008 through at least December 2013, UBS, by and through the acts of certain precious metals traders on the spot desk (Traders), attempted to manipulate the price of precious metals futures contracts by utilizing a variety of manual spoofing techniques with respect to precious metals futures contracts traded on the Commodity Exchange, Inc. (COMEX), including gold and silver, and by trading in a manner to trigger customer stop-loss orders.