Europe News

Swiss competition authority opens probe into forex manipulation

Switzerland's competition watchdog said on Monday it had opened an investigation into several Swiss, British and American banks over possible collusion to manipulate foreign exchange rates.

WEKO said it is investigating UBS, Credit Suisse, Zuercher Kantonal Bank, Julius Baer, JP Morgan, Citigroup, Barclays and Royal Bank of Scotland.

Credit Suisse said it was "astonished" to be drawn into the Swiss competition probe.

"Credit Suisse AG was not the subject of the preliminary investigation carried out by the competition commission into various banks," the Swiss bank said in a statement.

"The press release contains incorrect references to Credit Suisse AG and these allegations are both inappropriate and harmful to our reputation."

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