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Switzerland: After EU opens probe, Swiss regs say forex manipulation evidence found

 |  October 9, 2013

Swiss regulators have confirmed Wednesday they found evidence of manipulation within the foreign exchange market, a statement made just days after the European Commission announced it would open its own investigation into the matter.

Despite the confirmation of the alleged collusion, the Swiss Financial Market Supervisory Authority declined to name banks affected.

In a statement made at a conference, Finance Minister Eveline Widmer-Schlumpf called it “a fact” that such manipulation has occurred in the foreign exchange market, though noted that the extend to which the manipulation reaches is uncertain.

In addition to the financial advisory authority, competition regulator WEKO has launched a preliminary investigation into the case.

In a separate statement, German officials said Tuesday that there was not yet need to open their own probe into foreign exchange markets, though a spokesperson for the nation’s financial markets authority Bafin said they have “been looking into the situation since the summer.”

Full Content: Reuters and Reuters

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