EU investigates precious metals trading

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European Union antitrust regulators are investigating precious-metals trading following a U.S. probe that embroiled some of the world’s biggest banks.

Bloomberg News reports that the European Commission disclosed the review after HSBC said in a filing earlier this month that it had received a request for information from the EU in April.

The watchdog is examining possible anti-competitive behavior in spot trading, Ricardo Cardoso, a spokesman for the regulator, said in an e-mail.

U.S. prosecutors have been examining whether at least 10 banks, including Barclays, JPMorgan and Deutsche Bank, manipulated prices of precious metals such as silver and gold. The scrutiny follows international probes into the rigging of financial benchmarks for rates and currencies, which have yielded billions of dollars in fines.

To access the complete Bloomberg News article hit the link below:

Precious-Metals Trading Is Probed by EU After U.S. Inquiry

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