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UPDATE 1-Swiss competition authority opens probe into Forex manipulation

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ZURICH, March 31 (Reuters) – Switzerland’s competition
commission WEKO said on Monday it had opened an investigation
into several Swiss, British and American banks over potential
collusion to manipulate foreign exchange rates.

WEKO said it is investigating UBS, Credit Suisse
, Zuercher Kantonal Bank, Julius Baer, JP
Morgan, Citigroup, Barclays and Royal
Bank of Scotland.

“Evidence exists that these banks colluded to manipulate
exchange rates in foreign currency trades,” WEKO said in a
statement.

Given its current information, WEKO said it assumed that the
most important exchange rates are affected.

The competition authority opened a preliminary investigation
last October after learning about potential manipulation of
foreign exchange markets by banks.

Authorities in the United States, Britain, Germany and
Singapore are also looking into allegations of collusion and
manipulation of the global foreign exchange market.

They are examining not only whether traders from different
banks worked together to influence currency prices, but also
whether they traded ahead of their own customers or failed to
accurately represent to customers how they were determining the
prices.

(Reporting by Caroline Copley; Editing by Matt Driskill)

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