EU Regulators Charge Credit Suisse with Rigging FX Markets
Celeste Skinner, 01 August 2018
Credit Suisse Group AG announced on Tuesday that it has been charged by European Union antitrust regulators with manipulating forex rates. The charges signal the five-year-long investigation might be coming to a close in the near future.
In a regulatory filing, the allegations state that Credit Suisse “engaged in anti-competitive practices in connection with its foreign exchange trading business.” Now, the Wall Street bank will need to wait and see if the EU regulators will impose a fine, which could be up to 10% of its global turnover.
The charges against Credit Suisse are part of a larger foreign exchange investigation by EU antitrust regulators. Overall, the investigation has been lagging behind, as it’s been almost two years since they fined banks over collusion on Libor and Euribor rates.
