Comco wields baton on FX banks

Foreign exchange currency FX adobe stock
By Ross Lancaster
06 Jun 2019

Comco, the Swiss competition commission, has imposed fines of Sfr90m ($89.9m) and reached amicable settlements in relation to alleged FX rigging by traders from major banks.

The action follows the European Union’s decision last month to fine five banks a total of €1.1bn ($1.22bn) after it found that some of their currency traders were involved in a foreign exchange cartel.

In a statement, Comco said traders of several internationally active banks had co-ordinated their ...

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