8 global banks in rate probe
Print Edition
SWITZERLAND’S competition regulator yesterday named eight global banks it is probing for possible fixing of foreign exchange rates.
The move is the latest twist in an investigation by regulators in the US, Europe and Asia on whether major banks colluded to manipulate the trillion-dollar foreign exchange market.
The Swiss Competition Commission for the first time named the banks it was scrutinizing — the two largest Swiss banks, UBS and Credit Suisse, along with Zurich Cantonal Bank, Julius Baer, JPMorgan Chase, Citigroup, Barclays Bank and Royal Bank of Scotland Group.
“There are indications that competition agreements for the manipulation of exchange rates have been made in forex trading between banks,” the commission said in a statement.
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