The European Commission said in a live chat Monday that the regulator is looking into the foreign exchange market for evidence of collusion, say reports.
Commissioner Joaquin Almunia made the online announcement that the Commission has received reports of activity that could be considered in violation of competition law regarding the market, which is worth $5.3 trillion a day.
While information was scarce, Almunia said the probe is looking into “the possible manipulation of types of exchange rates” and is in a “very, very preliminary phase.”
The investigation is launched following suit of Swiss regulators, who announced last week the opening of their own probe into allegations of manipulation of foreign exchange rates.
According to one source, the US Commodity Futures Trading Commission is also looking into potential collusion within foreign currency markets.
Bloomberg reported last June that banks colluded to share market sensitive information regarding benchmark currency rates. Following the reports, the UK’s Financial Conduct Authority decided to review the claims.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI