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Swiss, UK watchdogs step up scrutiny on forex traders
By Caroline Copley and Patrick Graham
Reuters
Monday, March 31, 2014
Swiss and British regulators stepped up their scrutiny of alleged manipulation of foreign exchange markets on Monday, as watchdogs take a closer look at whether banks have a tight enough grip on the behavior of their traders.
Switzerland's competition commission WEKO said it opened an investigation into several Swiss, British and U.S. banks over potential collusion to manipulate currency rates.
The UK Financial Conduct Authority (FCA), meanwhile, said it will assess if banks have cut the risk of traders manipulating benchmark rates in the coming year, to see if lessons have been learned from the scandal over benchmark rate rigging.
WEKO said it is investigating UBS, Credit Suisse, Zuercher Kantonalbank), Julius Baer, JP Morgan, Citigroup, Barclays, and Royal Bank of Scotland. ...
... For the full story:
http://www.reuters.com/article/2014/03/31/us-swiss-forex-investigation-i...
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