UBS has agreed to pay $54m (€45m) to US regulators for breaking rules governing mutual fund trading between 2000 and 2002. In 2003 the Swiss bank sacked two private client brokers and disciplined nine others in connection with the scandal.

UBS said in a statement that UBS Financial Services has reached a settlement agreement with the New York Stock Exchange, the state of New Jersey and the state of Connecticut with respect to certain short-term trading activity by clients between 2000 and 2002.