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Switzerland/US: UBS confirmed as forex probe target

 |  October 29, 2013

Banking giant UBS is reportedly the target of US and Swiss regulators in an investigation of alleged manipulation of the foreign exchange market, the company said Tuesday.

According to reports, UBS said it is also conducting its own internal review of the matter the same day the US Department of Justice made its first public acknowledgement of a formal investigation.

In a statement to reporters, DOJ criminal division acting head Mythili Raman confirmed a criminal investigation was “active” and “ongoing” into the foreign exchange market.

Authorities in the UK have also launched its own investigation, and the EU confirmed it is looking into the matter, though has not confirmed a formal probe.

Full content: The Telegraph and Reuters

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