Swiss competition watchdog opens probe into forex manipulation

Switzerland's competition commission WEKO said on Monday it had opened an investigation into several Swiss, British and U.S. banks over potential collusion to manipulate foreign exchange rates. WEKO said it is investigating UBS, Credit Suisse, Zuercher Kantonalbank (ZKB), 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.

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