BEIJING, Dec. 20 (Xinhuanet) -- Swiss banking giant UBS has agreed to pay some 1.5 billion US dollars in fines to international regulators following a probe into the rigging of a key global interest rate.

The settlement with U.S., British and Swiss regulators caps a tough year for the company.UBS admitted that some of its employees tried to rig the LIBOR rate - short for London Interbank Offered Rate - in several currencies. Some UBS traders voluntarily submitted - or pressured others to submit - inaccurate data to gain some financial advantages.

The bank’s unit, where much of the manipulation took place, entered a plea to one count of wire fraud in an agreement with the U.S. Justice Department. The Justice Department also said two former UBS traders will be charged with conspiracy.

Other banks are also expected to be fined for their involvement in the LIBOR scandal.

(Source: CNTV.cn)