Swiss regulator orders UBS payment and limits bonuses in forex probe

ZURICH (Reuters) - Switzerland's financial regulator said on Wednesday it would limit bonuses for some UBS employees, as it ordered the bank to disgorge 134 million Swiss francs (138.98 million US dollars) (87.26 million pound) in a foreign exchange trading probe. The Berne-based regulator also said it had begun enforcement proceedings against 11 former and current unnamed UBS employees. FINMA said in a statement variable pay for UBS forex and precious metals employees globally would be limited to 200 percent of their basic salary for two years. The regulator also said it would introduce an approval process for other high earners at UBS's Swiss investment bank. UBS is also obliged to automate at least 95 percent of its global foreign exchange trading, FINMA said. The order by the Swiss regulator is bigger than the 59 million francs in profits demanded in 2012 to settle a case over the rigging of the London Interbank Offered Rate (Libor). (Reporting by Joshua Franklin)