Swiss regulator fines four banks for fixing foreign exchange procuring and selling
ZURICH, June 6 (Reuters) – Four British and U.S. banks hang been fined 90 million Swiss francs ($90.53 million) for rigging the foreign exchange market, Switzerland’s competition authority said on Thursday.
Barclays, Citigroup, JP Morgan and Royal Bank of Scotland had been punished after the authority, identified as WEKO, said it stumbled on “plenty of anti-aggressive preparations between banks in foreign exchange region procuring and selling”.
UBS was once now now not fined as it revealed the cartels to the competition authorities first, whereas an investigation is restful underway into Credit rating Suisse. WEKO said it had closed its investigation into Julius Baer and Zuercher Kantonalbank. (Reporting by John Revill and Silke Koltrowitz)