The competition Commission (Comco) has fined manipulated according to a Communiqué of today, Thursday morning, five big banks from the UK, the USA and Japan with a total of 90 million Swiss francs: Barclays, JPMorgan, Citigroup, MUFG and the Royal Bank of Scotland should, in consultation currency rates for its own benefit.
Blown the exchange cartel was, because with the help of UBS, a competitor from the parade snitched place. As a thank-you comes now with impunity. The CS fights, however, against the allegations and has not agreed with the competition Commission yet.
“Three way banana split”
Specifically, it was the collusion between 2007 and 2013, two different cartels gone. They carried the original name “Three way banana split” and “Essex Express”. The investigations against the Zurich cantonal Bank and Julius Baer have been set. The decision is not yet final and can be made to the Federal administrative court.
The above-mentioned banks undertook, also, by mutual agreement, to meet in the future, any such agreements, wrote to the competition Commission. A part of the banks showed themselves and benefited from Reductions of the sanctions.
EU-buses is much higher
First last, the EU announced a month a more sensitive buses over a billion euros against the four banks, plus the Japanese MUFG. Also, UBS was as a Whistleblower with impunity, and the CS is defending itself against a penalty.
The Comco had opened the investigation in the year 2014, after a Preliminary investigation, in the previous year. Your also years ago investigation initiated because of possible agreements the banks in the precious metals trade you a set, as announced today, Thursday. The suspicion of a cartel infringement had not been confirmed.
three years Ago, the Comco had fined several major banks due to collusion in the setting of reference interest rates and interest rate derivatives. Overall, the competition authorities buses in the amount of 99.1 million Swiss francs distributed, until then, the highest of the buses, imposed by the Comco against banks.
Credit Suisse have been Fined in addition to other international banks. By contrast, the UBS of which came as a Whistleblower without penalty. (kst/SDA)