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UBS comes as a Whistleblower without penalty

The Swiss competition authorities punished a number of major banks with 90 million Swiss francs because of the currency cartel. No buses are there for the time being, against the Swiss banks, however, the case against Credit Suisse is followed in the ordinary course of procedure.

The competition Commission Comco concludes with consensus of the schemes and buses the two studies, as announced on Thursday. Previously, the "Financial Times had reported" about it.

In two separate cartels have coordinated distributor of several internationally active banks in the foreign exchange spot trading occasionally, their behaviour in terms of the currency, wrote to the competition Commission. Rolling the investigation had brought to the UBS with a self-display. Since you had reported as the first Bank, the cartel, was you criminal free.

in mid-may had already been imposed by the EU competition authorities over collusion to manipulate foreign exchange markets penalties in the amount of 1.07 billion Euro against several big banks. UBS received in the EU, and also immunity. The competition authorities worked together, the EU and Switzerland. Based on a bilateral agreement, they had been in regular contact, kept the competition Commission.

adoption due to self-display

The investigations of the competition authorities employees during more than five years. In this time, approximately 77 million pages had been electronic communication from a variety of Online chat rooms, analyzed, wrote to the competition Commission.

Due to the complexity of the competition Commission divided the studies along the chat rooms, in which the dealer agreements. There were on the one hand, the cartel "Three way banana split", the dealer of the UK-based Barclays, US banks Citigroup and JPMorgan, the Royal Bank of Scotland (RBS), and UBS were involved.

The cartel "Essex express'n Jimmy" took part dealer from Barclays, the Japanese MUFG Bank, RBS and UBS. The members of this cartel shuttled, with the exception of Jimmy, all with the train from Essex to London.

The above-mentioned banks undertook by mutual agreement to meet in the future, any such agreements, wrote to the competition Commission. A part of the banks followed the UBS, and showed himself. They benefited from Reductions of the sanctions.

due process against CS

Credit Suisse has not agreed with the competition Commission. The investigation against the Bank is conducted in the ordinary course of procedure. The investigations against Julius Baer and Zürcher Kantonalbank, have been set. The decision is not yet final and can be made to the Federal administrative court.

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 on 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. Fined the Credit Suisse were among other international banks. By contrast, the UBS of which came as a Whistleblower without penalty. (Dec/sda)

Created: 06.06.2019, 07:43 PM

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