Switzerland Investigating Possible Manipulation of Foreign Currency Exchange Rates

The Swiss Financial Market Supervisory Authority (FINMA) is currently conducting investigations into several Swiss financial institutions in connection with possible manipulation of foreign exchange markets.


FINMA says it "is coordinating closely with authorities in other countries as multiple banks around the world are potentially implicated." The regulator has given no further details on the investigations or the banks potentially involved.


Separately, Switzerland's competition commission WEKO has opened a preliminary investigation into potential manipulation of foreign exchange markets by banks.


WEKO said it had opened a probe against various banks on September 30 after learning about potentially anti-competitive discussions between banks.


"Through discussions they are said to have manipulated various exchange rates," the statement said.WEKO declined to name the banks under investigation.


Around the world, authorities are probing the alleged abuse of financial benchmarks by the firms that play a central role in setting them. UBS AG (UBSN), Switzerland’s largest bank, was among four firms fined about $2.6 billion for rigging the London interbank offered rate, the benchmark for more than $300 trillion of securities worldwide.


UBS is among the banks being probed by the Swiss regulators, says the Financial Times, citing unidentified sources.


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