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Switzerland: Authorities launch full-blown forex probe

By  |  March 31, 2014

After becoming one of the first to issue a preliminary investigation into claims of foreign exchange market rate manipulation, Switzerland’s Competition Commission announced it is investigating eight lenders over the claims.

According to reports, UBS, Credit Suisse Group, JPMorgan, Citigroup, Barclays and RBS are among the bodies being probed by the Commission. The authority also noted that more brokers and other lenders may also be involved.

The regulator, known as Weko, released as statement Monday announcing the investigation. Weko became one of the first authorities to first look at the benchmark rigging claims. Since, more than one dozen regulators across the globe have begun their own inquiries into the matter.

Full Content: Businessweek

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