Switzerland's largest bank, UBS announced that it has fired two US brokers and suspended nine others for allowing market timing trades to take place.
Speaking to the Associated Press, UBS spokesman Christoph Meier revealed on Tuesday that an internal investigation into activities at the PaineWebber brokerage, acquired by UBS in 2000, and now called UBS Financial Services, showed that breaches of the company rules with regard to mutual fund trading had taken place.
The announcement comes as the Securities and Exchange Commission (SEC) and New York Attorney General, Eliot Spitzer are conducting a wide-reaching investigation into such practices. Although market timing is not illegal, the tactic contravenes accepted standards of good practice.
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