Swiss banking regulators are investigating the industry following reports that several of the country's banks may have manipulated foreign exchange rates.
FINMA, the Swiss Financial Market Supervisory Authority, has claimed that several banks from inside and outside the country could be implicated.
FINMA’s investigation follows reports that British regulator the Financial Conduct Authority (FCA) was investigating whether foreign-exchange rates were manipulated by traders to increase profits.
The formal investigation follows a June Bloomberg news report that discovered that dealers shared information and used client orders to move rates.
FINMA did not disclose any further details of the investigation and Swiss Banking, the self-regulatory group that represents banking in the country, also did not comment.
The investigations appear to point towards London where 41 percent of foreign currency trading takes place, according to the Bank for International Settlements.
New York has the second largest share at 19 percent with Singapore, Hong Kong and Tokyo following. Switzerland has 3.2 percent of the market.
Switzerland's Regulator To Investigate Corrupt Foreign Exchange Deals At Its Own Banks And In London
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