Uncertainties related to entering into understandings in the currency market
The Swiss Competition Authority opened an investigation with 7 banks on charges of control
The ' Swiss competition authority ' (komaco) opened investigation with four Swiss banks and three foreign to explore the possibility of concluding ' understandings ' proprietary nature relating to the foreign exchange market. The investigation included a bank ' UPS ', ' Credit Suisse ', the first and second largest Swiss banks, the Bank ' Cantonale du Zurich Bank, Julius Baer. And from foreign banks, JP Morgan, Citigroup, ' Americans, ' webarklis ', and ' the Royal Bank of Scotland ' British servicemen. The competition and anti-control Police said in a statement today that there has been evidence for the existence of unwritten understandings and agreements have been concluded between the banks on foreign currency exchange rates. The Government body said that the ' this suspect behavioral banks relating to the exchange of sensitive information, the coordination between them in the buying and selling of currencies at an agreed '. The statement said that the operations were carried out with the aim of influencing the daily reference rates for currency rates and in coordination with each other in buying and selling currencies in the face of adverse parties previously defined.
'The Swiss competition authority ' in the stronger foreign currencies and traded were concerned primarily with these behaviors. It also did not rule out the existence of other banks or financial intermediaries involved in those understandings. The Secretariat of the Commission has opened a preliminary investigation into the issue in September 30, 2013. The Swiss banks targeted in the investigation that they cooperate fully with the (komaco). A spokesman for Julius Baer ' Bank ', ' that the Bank did not find any abusive behavior can affect the dealings in the foreign exchange market. Bank ' Cantonale du you Zurich ', said it works well with the Swiss competition authority ', at the same time he plays only a secondary role in the Forex market. For his part, ' UPS ' Bank did not want comment on the statement ' Comco cooperation ', asking journalists who contacted him to go read the annual report published in March. And the only words spoken by bank spokesman for the ' economic ' UPS ' internal investigation had been conducted on the banking activities relating to foreign currency, especially around its operations Trade in precious metals, and that he told ' Comco cooperation ' the results of the investigation.