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Switzerland: Banks under fire for alleged foreign exchange market collusion

 |  October 4, 2013

Switzerland authorities launched a probe Friday into various banks following allegations the lenders colluded to manipulate foreign exchange markets, according to a press release.

Competition watchdog WEKO announced Friday a preliminary probe into the matter after encountering information that banks held secret meetings.

WEKO, which said in a statement that the banks “are said to have manipulated various exchange rates,” did not name the banks included in the investigation.

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