Switzerland’s financial regulators have announced an unprecedented clampdown on investment banking giants for forex fixing.
The crackdown targeted four British and one US banking giants – Barclays, Citigroup, JP Morgan and Royal Bank of Scotland.
Reuters reported that WEKO, the Swiss financial regulators that: “several anti-competitive arrangements between banks in foreign exchange spot trading”.
The five banks will be paying fines to WEKO in the region of $90 million
However, Reuters reported that UBS was not fined as it revealed the cartels to the competition authorities first, while an investigation is still underway into Credit Suisse.
some other banks seems lucky at least for the meantime. WEKO said it had closed its investigation into Julius Baer and Zuercher Kantonalbank.
