Switzerland in currency manipulation probe

Comment on this story


Swissfrancs

Zurich - Switzerland said Monday it was investigating a range of banks, including domestic leaders UBS and Credit Suisse along with top global houses, over suspicions they manipulated currency markets.

The probe includes JPMorgan Chase, Citigroup, Barclays and Royal Bank of Scotland as well as the Zurich cantonal bank ZKB and private banking group Julius Baer, the Competition Commission (COMCO) said in a statement.

“There are indications that the banks reached agreements about currency rates,” COMCO said, adding that it suspected the manipulation had affected “the rates of the most important currencies.”

The banks are suspected, among others, of exchanging sensitive information and coordinating their buying and selling of currencies in a bid to impact the exchange rates.

The competition authority, which had already launched a preliminary probe into the matter last September, said it could not exclude that other banks and brokerages were involved in the suspected activities. - Sapa-AFP


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks

Business Directory