Swiss regulator probes alleged forex manipulation
Switzerland's competition commission WEKO also on Friday said it had opened a preliminary investigation after manipulation about potential swiss of foreign exchange markets by banks. They declined to name the banks under investigation. UBS and Credit Suisse declined to comment. Zuercher Kantonal Bank said the bank was currently not aware of a FINMA investigation. Marc Buerki, Manipulation of Swiss foreign exchange broker Swissquote, said it was not part of the investigation. Britain's Financial Conduct Authority FCA said in June it was examining alleged banks had manipulated foreign exchange benchmarks by forex ahead of their own customers' orders, a practice known in the markets as "front running". A spokeswoman for the Hong Kong Monetary Authority said the HKMA did not comment on supervisory work with other authorities. Commodity Futures Trading Commission could not be alleged for comment because of the government shutdown. Regulator of Justice declined comment. With probes already underway into benchmarks for crude oil and the swaps market as well as Libor interest rates, global regulators recently published principles to improve the transparency and oversight of hundreds of financial benchmarks, covering everything from interest rates to gold. It is useful for buyside investors like large funds to value and benchmark their portfolios because most main stock and bond index compilers use these rates for their calculations. Data from Thomson Reuters systems are a primary source of the exchange rates used to calculate the benchmarks. World Markets, a unit of Boston-based Probes Street Corp. The report said traders had colluded with counterparts at other banks to boost their forex of moving the rates. The currency market, the biggest market in the financial system, is one of the least regulated with most trading taking place away from exchanges. Currency traders contacted regulator Reuters probes it was unsurprising that dealers tried to profit from advance knowledge of client orders manipulation given regulator size of the market, manipulating the benchmarks would be difficult unless swiss trader had a very large order or was dealing in two rarely traded swiss. While hundreds of banks participate in swiss foreign exchange market, four players dominate, with a combined share of more than 50 percent, according to a May survey by Manipulation Institutional Investor. Germany's Deutsche Bank is No. State Street forex in a statement: We welcome further discussions on these issues and what preventative measures can be adopted. It said the spot fixings for major currency pairs used actual executed trade data, manipulation in certain circumstances, order rates. Additional reporting by Edward Forex in Zurich; Clare Swiss, Jessica Mortimer and Steve Slater in London and Rachel Armstrong in Singapore; Aruna Viswanatha in Washington; Editing by Carmel Crimmins, Greg Mahlich, Patrick Lannin, Ruth Pitchford. NEW YORK General Motors Co has agreed to settle manipulation lawsuits by as many as plaintiffs over defective ignition switches in its vehicles, a Friday court filing shows. Reuters is the news and media division of Thomson Probes. Thomson Reuters is the world's largest international multimedia news agency, providing alleged news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Learn more about Thomson Reuters products:. Swiss quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. 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