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Switzerland launches probes of multibillion ‘shady’ market manipulations

Published time: October 04, 2013 17:19
Edited time: October 07, 2013 09:07
Reuters / Pascal Lauener

Reuters / Pascal Lauener

Switzerland, largely known as a ‘financial safe heaven’ has started its own separate investigation into alleged manipulation with interest rates in financial markets, where an estimated €3.5 trillion changes hands daily.

The Swiss Financial Market Supervisory Authority (FINMA) “is currently conducting investigations into several Swiss financial institutions in connection with possible manipulation of foreign exchange markets,” the regulator said in its Friday statement.

The move by FINMA is seen to be related to a summer inquiry by the UK’s financial Conduct Authority, which is collecting information on potential manipulation of the key foreign exchange rates.

“FINMA is coordinating closely with authorities in other countries as multiple banks around the world are potentially implicated,” the agency said, adding that it won’t give any further details.

Scrutiny over operations in financial markets has strongly intensified recently, with 13 US banks including JPMorgan Chase, Barclays and Credit Suisse having been sued by the US regulator over rigging with Libor - the world's most widely used benchmark for short-term interest rates in the interbank market.

On the back of Libor investigations, which are currently at the epicenter of all manipulation probes, there is also scrutiny over such rates as Euribor and The Platts oil benchmark.


Comments (4)

 

alotta fagina 06.10.2013 22:39

What a joke this is like putting osama in charge of investigating terrorism

 

Scrutineer 05.10.2013 12:11

Another meticulously superficial "probe" into the No1 money laundering machine in the world. Nazis, mafia, weapon-drug-slave merchants, tax dodging aristocracy: the bread & butter of the Swiss economy.

 

Carlos Gomez 04.10.2013 20:47

Just to add another piece of the pie slice, I bet all the yuans in China that the regulator's will come up with a few billion in illicit trading to make a show of it but when you get right down to the basic's its going to be some no named person who is either a ghost or a patsy. Try to imagine all the billions and trillions that have been fed through that money market there. The Swiss are still sitting on the money owed to the living victim's from the Nazi Party ! Yes, even after they were ordered to pay the restitution ! The rule of thumb there is just wait for em to die off and you win !

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