Credit Suisse Faces Additional Charges over FX Market Rigging
Arnab Shome, 22 March 2021
The European Commission has slapped an extra antitrust charge sheet against Credit Suisse for its involvement in the manipulation of foreign exchange (forex) markets, according to a Bloomberg report.
The Swiss lender confirmed the fresh charges in addition to the earlier charges, which were introduced in July 2018 for sharing crucial market-related information in chatrooms. However, the bank denied all allegations against it.
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“Credit Suisse continues to believe that it did not engage in any systemic conduct in the FX markets which violated the European Union’s competition rules, and is contesting the EC’s case,” the bank said in a statement.
The EU regulator’s original allegations named several major banks for their part in manipulating the currency benchmarks. Though most of the lenders settled with the regulator, Credit Suisse remains adamant pushing its innocence.
