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Switzerland probes banks over possible forex rigging
By Caroline Copley and Albert Schmieder
Friday, October 4, 2013
ZURICH -- Switzerland's financial markets regulator is working with authorities in other countries to investigate possible manipulation in the $5 trillion-a-day foreign exchange market potentially involving multiple banks.
Regulators and investors are concerned about the integrity of financial benchmarks in the wake of a global investigation into the rigging of benchmark interest rates that has so far led to four financial firms, including Switzerland's largest bank, UBS, being fined around $2.7 billion and seven men being charged.
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