Switzerland watchdog Weko probes big banks over metals market manipulation

Swiss competition commission WEKO has opened an investigation into possible collusion in the trading of precious metals, it said on Monday.

The WEKO investigation is the latest in a string of probes into manipulation of the precious metals and foreign exchange markets.

The regulator said in a statement Monday it has “indications” the bank struck deals that violate competition rules in terms of spreads – or the differentials between prices offered and the market rate – in gold, silver, platinum and palladium trading.

Last year, Switzerland’s financial regulator FINMA said it had found a “clear attempt” to manipulate precious metals price benchmarks during a cross-market investigation into trading at UBS.

Two more Swiss banks will pay fines to the United States as part of settlements that mean they will not face criminal charges for helping Americans avoid taxes, U.S authorities said on Friday.

United States prosecutors have been examining whether at least 10 banks, including HSBC, Barclays, JPMorgan Chase and Deutsche Bank manipulated prices of precious metals.

The Competition Commission said investigations would possibly be concluded on 2016, but no later than 2017. The Swiss bank has successfully dodged antitrust penalties after blowing the whistle.