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Market watchdog finds no major faults after BUBOR query

Financial market regulator PSzÁF on Wednesday said it had found regulatory, risk management and controlling shortfalls in an investigation of Budapest Interbank Offered Rate (BUBOR) quotes involving 17 domestic lenders. PSzÁF found no intentional manipulation in the investigation, which it launched after financial market watchdogs in the US and UK said they had uncovered rate-fixing by Barclay's Bank. PSzÁF said banks' practice of offering BUBOR quotes is not regulated, it is not accommodated in systems of risk management and controls are lacking. PSzÁF said it instructed the affected banks to regulate the process of quoting, establish controls and include the activity in their systems of risk management. The regulator will make its related recommendations public soon.