• Wednesday, July 24, 2024
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BusinessDay

Switzerland investigates possible manipulation of currency rates

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The Swiss Competition Commission said on Monday it started a formal investigation against eight banks for possible manipulation of major currency rates.

The suspects include Swiss banks UBS and Credit Suisse as well as major foreign lenders.

“There is evidence that anti-competitive agreements were made between these banks to manipulate exchange rates in the currency market,”the commission said.

The market regulator had started preliminary investigations in September, and authorities in other countries including Britain, Hong Kong, and the U.S. have also been looking into the alleged rigging of the 5.3-trillion-dollar-a-day foreign exchange market.

The Swiss probe also affects British banks Barclays and Royal Bank of Scotland, U.S. banks JP Morgan Chase and Citigroup, and Swiss banks Julius Baer and Zuercher Kantonalbank.