Tuesday, November 25, 2014   

UBS, Royal Bank of Scotland, and Julius Baer investigated for rigging exchange rates
(03-31 16:32)

Switzerland says a range of banks, including domestic heavyweights UBS and Credit Suisse are being investigated along with top global institutions, over suspicions they manipulated currency markets.
The inquiry includes JPMorgan Chase, Citigroup, Barclays and Royal Bank of Scotland as well as the Zurich cantonal bank ZKB and private banking group Julius Baer, the Competition Commission said in a statement.
“There are indications that the banks reached agreements about currency rates,'' the commission said, adding that it suspected the manipulation had affected “the rates of the most important currencies.''
The banks are suspected, among others, of exchanging sensitive information and coordinating their buying and selling of currencies in a bid to impact the exchange rates.
The competition authority, said it could not exclude that other banks and brokerages were involved in the suspected activities.—AFP

   
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