Swiss authorities said they're investigating several banks for allegedly colluding to manipulate the $5.3 trillion-a-day foreign exchange market.
The Swiss Financial Market Supervisory Authority "is coordinating closely with authorities in other countries as multiple banks around the world are potentially implicated," it said in a statement today. Separately, the competition commission said it opened a preliminary probe on Sept. 30 after receiving allegations of collusion among banks to manipulate some foreign-exchange rates.
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