The Swiss competition regulator said on Monday it had opened an investigation into possible manipulation of the precious metals market by several major banks.
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Foreign banks alleged to be involved in the alleged collusion include Deutsche Bank, HSBC, Barclays, Morgan Stanley and MItsui.
The authority said it has reason to believe that there were possible illegal competition agreements between the banks to coordinate prices, namely the bid ask-spread in the precious metals including gold, silver, platinum and palladium. He declined to comment on the size of any possible penalty from the probe.
Competition authorities in Switzerland announced an investigation into some of the world’s biggest banks, including HSBC Holdings Plc, on suspicion that they colluded to manipulate the prices of gold, silver and other precious metals.
As part of ongoing obligations imposed by FINMA, UBS is seeking to automate at least 95 percent of its global foreign exchange and precious metals trading by the end of 2016.
ZURICH, Sept 28 The Swiss blue-chip SMI was seen opening 0.7 percent lower at 8,444 points on Monday, according to premarket indications by bank Julius Baer.
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Share prices in both banks were down slightly in early trading.
