Swiss regulator to fine banks €80m over foreign exchange cartel
The Irish Times, 06 June 2019
Four British and US banks will be fined about 90 million Swiss francs (€80m) this week by Switzerland’s competition authority for colluding to rig foreign exchange markets, weeks after the European Union handed out €1 billion of penalties for similar misconduct.
Weko, as the Swiss regulator is known, found that traders at Barclays, JPMorgan, Citigroup and Royal Bank of Scotland worked together in a cartel-style arrangement to manipulate currency prices for their own gain, according to people briefed on the decision. Continue reading “Article: Swiss regulator to fine banks €80m over foreign exchange cartel”
Swiss probe banks over foreign exchange market
BBC News, 31 March 2014
RBS, Barclays, UBS, Credit Suisse, Zuercher Kantonal Bank, Julius Baer, JP Morgan and Citigroup are being probed by Swiss competition commission, Weko.
“Evidence exists that these banks colluded to manipulate exchange rates in foreign currency trades,” Weko said.
The regulator opened a preliminary investigation last October. Weko said the information it had so far suggested that most important exchange rates are affected.
Authorities worldwide are investigating allegations that some foreign exchange traders have colluded in setting certain key exchange rates in the foreign exchange market, resulting in big profits. Continue reading “Article: Swiss probe banks over foreign exchange market”