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”
