Swiss Commission Names Eight Banks In Forex Investigation

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Swiss Commission Names Eight Banks In Forex Investigation

The Swiss Competition Commission (known as WEKO) announced today, March 31st, that it was investigating eight global banks regarding possible manipulation of foreign exchange rates, and for the first time named the financial institutions. The list of banks involved in the Swiss forex probe includes UBS AG (NYSE:UBS) and Credit Suisse Group AG (ADR) (NYSE:CS), along with Zurich Cantonal Bank, Julius Baer Gruppe AG (VTX:BAER) (OTCMKTS:JBARF) and JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc (NYSE:C), Barclays PLC (NYSE:BCS) (LON:BARC) and Royal Bank of Scotland Group plc (ADR) (NYSE:RBS) (LON:RBS).

Today’s developments are just the latest in the ongoing international forex investigation. Regulators in other European countries, the U.S. and Singapore began investigations into possible foreign exchange manipulation several months ago, and rumors have swirled about which institutions were involved since then.

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