UBS settles short selling case

UBS, Switzerland’s biggest bank, paid $8m (£5m) to settle a US case that it had failed to keep accurate records on its short selling business. US markets regulator the Securities and Exchange Commission had investigated its selling practices and alleged that since at least 2007 UBS’s records showed it had claimed to borrow stock to short for clients from employees who had not been at their desks at the time stated and so could not have arranged to lend it the required shares. UBS settled without admitting or denying the findings of the SEC investigation.