Swiss Attorney General Talking to Finma on Forex Probes
The Swiss attorney general’s office said it is in contact with regulators investigating possible manipulation of foreign-exchange trading.
“Regarding manipulations in currency trading, the office of the attorney general is in contact with the Swiss Financial Market Supervisory Authority and the Competition Commission,” Jeannette Balmer, a spokeswoman, said in an e-mailed statement today when contacted by Bloomberg News. “There is currently no further information that can be made available to the public.”
Swiss weekly newspaper SonntagsZeitung reported yesterday that the attorney general is investigating the rigging of foreign-exchange rates by traders at several banks. The prosecutor is reviewing whether traders violated Swiss banking secrecy laws when communicating about customer orders, the newspaper reported, without saying where it got the information. Balmer said she could neither confirm nor deny the report.
The Competition Commission said last week it is investigating eight banks, including UBS AG (UBSN), Switzerland’s biggest, and Credit Suisse Group AG (CSGN), the country’s second largest, in connection with foreign-exchange trading.
The Swiss Financial Market Supervisory Authority, known as Finma, said in October it was probing several banks for alleged misconduct. Authorities in the U.S. and the U.K. are also investigating whether banks worked together to influence the currency markets.
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