Swiss competition authorities have said they’ve opened an investigation into whether a number of banks have been involved in the illegal fixing of precious metals prices. Deutsche Bank is among the scrutinized lenders.
Swiss regulators announced a probe on Monday into whether a group of large banks had fixed prices in the lucrative precious metals market.
The nation’s Competition Commission (COMCO) “has opened an investigation against two Swiss banks – UBS and Julius Baer – as well as against the foreign financial institutions Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui,” regulators said in a statement.
The competition watchdog noted it had indications that the lenders in question had “possibly concluded illegal [price-fixing] deals within the precious metals market.
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The market involves trading in gold, silver, platinum and palladium .
Regulators indicated the probe was specifically meant to clarify whether banks had illegally agreed on so-called spreads, marking the difference in bid and offer prices.
The Competition Commission said investigations would possibly be concluded on 2016, but no later than 2017.