``The detail of the settlement with Swiss, UK and U.S. regulators should be published on Dec. 17. Until then, it can't be judged whether UBS received a weightier fine because Barclays benefited from going first or because UBS's wrongdoing is worse. Either way, the Swiss bank has a basic advantage. The current management team cannot be blamed for poor oversight, because it wasn't there when the fiddling took place. And unlike Barclays under ex-chief executive Bob Diamond, UBS's decision to take the axe to its fixed income division shows it is already making major changes.''

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