Credit Suisse charged with rigging foreign exchange rates
Reuters Staff, 01 August 2018
Credit Suisse has been charged by European Union antitrust regulators with rigging foreign exchange rates, the Swiss bank said on Tuesday, a sign that the five-year long EU investigation may reach a conclusion in the coming months.
Credit Suisse said in its quarterly report it received notification from the European Commission on July 26 alleging that it “engaged in anticompetitive practices in connection with its foreign exchange trading business”. EU enforcers typically lay out charges of illegal activities conducted by companies before imposing fines which can reach 10 percent of their global turnover.
The Commission did not immediately respond to a request for comment. A number of banks are under investigation on suspicion of manipulating foreign exchange rates, with several ready to admit wrongdoing in exchange for a cut in their fines, people familiar with the matter told Reuters. They did not name the companies.
In a regulatory filing last year, HSBC said it was under EU investigation related to its foreign exchange activities.
