A PYMNTS Company

Switzerland: Swiss regs retract confirmation of forex manipulation

 |  October 10, 2013

Contrary to earlier reports that Swiss regulators were sure that manipulation of the foreign exchange market had taken place, more recent reports say the nation’s finance minister has retracted the assertion.

Finance minister Eveline Widmer-Schlumpf retracted the statement Wednesday, clarifying that the ministry is only aware that a probe was launched into the foreign exchange market for possible manipulation.

Earlier on Wednesday, Widmer-Schlumpf stated “It’s a fact that foreign exchange manipulation was committed.”

A spokesperson for the ministry later acknowledged the statement but said the minister “did not mean it that way.”

Swiss competition watchdog WEKO as well as the nation’s financial markets regulator FINMA both launched probes into the allegations of market manipulation last week; soon after, the European Commission began its own inquiry.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.