DS: Swiss authorities probing seven banks for metals price fixing
The WEKO investigation is the latest in a long line of probes into manipulation of the precious metals and foreign exchange markets.
Gold Bullion stored at “The Vault”, guarded by the Ministry of Defence at The Royal Mint, as Barclays and HSBC are among seven banks being investigated by Swiss officials amid allegations of price fixing in the precious metals market. The European Union watchdog said it is examining possible anti-competitive behavior in spot trading. The scrutiny follows worldwide probes into the rigging of financial benchmarks for rates and currencies, which have yielded billions of dollars in fines.
The investigation is expected to be completed in either 2016 or 2017, said Patrik Ducrey, director of the Swiss competition commission.
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.
Spokespeople for Barclays, HSBC and UBS declined to comment. Mitsui was not immediately available for comment. Migros Bank AG will pay approximately $15 million and Graubuendner Kantonalbank will pay $3.6 million, the U.S. Justice Department said in a statement.
UBS’s second-quarter report noted investigations by a number of authorities into precious-metals prices.
