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Swiss regulator launches global FX manipulation probe

Swiss regulator launches global FX manipulation probe

The Swiss financial regulator is investigating possible manipulation of foreign currency exchange rates, saying the probe potentially has global scope.

The Swiss Financial Market Supervisory Authority, Finma, said in a brief statement on Friday: ‘Finma is currently conducting investigations into several Swiss financial institutions in connection with possible manipulation of foreign exchange markets.

‘Finma is coordinating closely with authorities in other countries as multiple banks around the world are potentially implicated. Finma will give no further details on the investigations or the banks potentially involved.’

The move follows a recent wave of market manipulation probes, including the manipulation of Libor and global energy markets.

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