After many threats and lots of negotiation, the US and Swiss have worked out a settlement in which no cash will change hands but lots of names of American citizens will be given to the US by UBS.
The existential threat to UBS is over now, the Swiss justice minister says.
The market has anticipated a settlement for some time, so market reaction is muted.
EUR/CHF trades at 1.5175 after a dip to 1.5150 where SNB interet was rumored.
