Swiss regulator investigates UBS and others over FX rates

The Swiss Competition Commission said it’s investigating UBS and other banks as the probe into the alleged manipulation of foreign-exchange rates deepens.

Bloomberg reports that the authorities are examining whether firms colluded to fix foreign-exchange rates, the Bern-based watchdog, also known as Weko, said in a statement today. JPMorganCitigroup, Barclays and Royal Bank of Scotland are among the other firms being probed, along with Zuercher Kantonalbank and Julius Baer Group, Weko said. More banks and brokers may have been involved, the regulator added.

The watchdog is probing whether firms exchanged confidential information, co-ordinated with others in the market to execute transactions at an agreed price, and attempted to influence the WM/Reuters rates, according to Weko.

Credit Suisse appears to have been named in the probe in error.

'Credit Suisse was not the subject of the preliminary investigation carried out by the competition commission into various banks', the bank said in a statement.

'The press release contains incorrect references to Credit Suisse AG and these allegations are both inappropriate and harmful to our reputation', the bank continued.

To access the complete Bloomberg article hit the link below:

Swiss Antitrust Regulator Probes Eight Banks Over FX-Rigging

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