Credit Suisse finds no evidence of forex market rigging
In an interview published Sunday, Credit Suisse said it discovered no evidence of foreign market manipulation. It added that a liquid market would be very difficult to rig as alleged by some quarters.
The Switzerland's financial markets regulator had said earlier this month that it was going to undertake an inquiry into several Swiss institutions over allegations of possible manipulations in the USD5 trillion per day foreign exchange market.
Urs Rohner was quoted by NZZ am Sonntag newspaper as saying, "As is normal with such large scale investigations, we have also received inquiries from certain authorities, as is the same for other banks. That is normal procedure, it was also like this with LIbOR. We have up to now, however, found no evidence of malpractice. To date it is also still not clear what precisely the topic of the investigation is."
Many government regulators worldwide and investors have become increasingly concerned as to the integrity of financial benchmarks in the wale of the LIbOR interest rate-rigging scandal.