Swiss financial regulator FINMA has started to investigate several Swiss financial institutions for possible manipulation of foreign-exchange markets, the latest probe into potential rigging of widely used market benchmarks.
FINMA said it was coordinating closely with authorities in other countries, as multiple banks around the world are potentially implicated.
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FINMA also said that it will give no further details or name banks involved in the probe. The two Swiss banks, UBS AG and Credit Suisse Group, which are among the top banks globally in currency dealing, declined to comment.
Switzerland’s competition regulator WEKO has also launched a preliminary probe after learning about potential manipulation of foreign exchange markets by banks.
The probe comes after the UK Financial Conduct Authority (FCA) began an investigation in June into the manipulation of foreign exchange rates used as benchmarks.
Four financial institutions have already paid a total of about US$2.7 billion to settle US and British rate-rigging allegations.
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By GlobalData
