Swiss Watchdog Investigates Foreign Exchanges
The Swiss financial watchdog has launched an investigation into possible manipulation of foreign currency exchange rates by banks in Switzerland and other countries.
The Swiss Financial Market Supervisory Authority - Finma - announced the probe in a brief statement on Friday.
Finma said it was "coordinating closely with authorities in other countries" because "multiple banks around the world" could be implicated.
The regulator said it will give no further details on the probe or name of the banks involved in it.
The trade body representing Switzerland's banks, Swiss Banking, was unable to reveal any further details about the investigation.
Major Swiss banks have paid billions in penalties over banking irregularities in recent years.
American authorities have pursued the banks over secret accounts held by US citizens.
The new Swiss investigation comes after Britain's Financial Conduct Authority (FCA) said it was looking at possible manipulation of benchmark rates by traders.
The FCA regularly works closely with regulators in Switzerland.
Approached by Sky News, the FCA said it was aware of the Swiss investigation but said it was not in a position to comment on the action.
In the wake of Libor manipulation Britain's financial sector risks further damage if London-based are implicated by the Swiss investigation.
The City is the world's biggest foreign currency trading market.
The Bank of International Settlements estimates it size as 41% of global trades.
New York has less than half that figure while financial hubs in Asia have a smaller proportion.