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Swiss banking authorities investigating exchange-rate fraud

Oct. 4, 2013 at 9:59 AM

ZURICH, Switzerland, Oct. 4 (UPI) -- Swiss banking regulator Finma said it's working with officials in other countries in an investigation of potential manipulation of currency exchange rates.

Finma did not furnish details of the investigation, The Wall Street Journal reported Friday. The largest bank in the country, UBS, declined to comment, as did a spokesman for Credit Suisse, the Journal said.

Authorities are concerned about rate benchmarks, similar to the London interbank-offered rate, or Libor, which is used as a benchmark to set interest rates on loans and has been the subject of investigations in several countries, the report said.

Abusing the system that calculates the Libor has resulted in at least $2.7 billion in fines levied on four banks where traders have attempted to manipulate the Libor to generate profits.

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