UBS suspends U.S.-based forex trader in manipulation probe

NEW YORK/LONDON (Reuters) - Swiss bank UBS AG has suspended U.S.-based veteran currency trader Michael Velardi, one of up to six traders placed on leave this week, pending ongoing international investigations into allegations of collusion and market rigging, a source familiar with the matter said on Friday. Velardi, 52, who joined Swiss Bank Corp in 1995 from Lloyds in New York, declined to comment when reached by phone. The source said up to six UBS traders, including Velardi, had been suspended this week around the world as the Swiss bank tries to stay ahead of the wide-ranging probe. UBS is the world's fourth-biggest currency trader, according to the latest Euromoney poll, seeing just over 10 percent of the $5.3 trillion that flows through the global market on an average day.

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