Belfast Telegraph

UK Website Of The Year

Home News UK

Barclays and HSBC among seven banks being investigated of price fixing in precious metals market

Published 28/09/2015

Gold Bullion stored at 'The Vault', guarded by the Ministry of Defence at The Royal Mint, as Barclays and HSBC are among seven banks being investigated by Swiss officials amid allegations of price fixing in the precious metals market. The Swiss Competition Commission (COMCO) said it was looking at whether the banks had concluded
Gold Bullion stored at 'The Vault', guarded by the Ministry of Defence at The Royal Mint, as Barclays and HSBC are among seven banks being investigated by Swiss officials amid allegations of price fixing in the precious metals market. The Swiss Competition Commission (COMCO) said it was looking at whether the banks had concluded "illegal competition agreements" when trading precious metals such as gold, silver, platinum and palladium. (The Royal Mint/PA Wire)

Barclays and HSBC are among seven banks being investigated by Swiss officials amid allegations of price fixing in the precious metals market.

The Swiss Competition Commission (COMCO) said it was looking at whether the banks had concluded "illegal competition agreements" when trading precious metals such as gold, silver, platinum and palladium.

It added: "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."

The investigation is expected to be completed by 2017.

Read more

Banks fined £2bn after currency rigging probe

HSBC bank are set to pay £28m over dirty cash claims

Deutsche Bank staff 'quizzed over Libor rate-rigging'  

Both Barclays and HSBC have already been fined in recent months for unrelated offences.

Barclays was hit with a massive £1.5 billion fine in May for rigging foreign exchange rates, while HSBC was ordered to pay £28 million in June over failures relating to alleged money laundering at its private Swiss bank.

Share prices in both banks were down slightly in early trading.

Online Editors

Read More

From Belfast Telegraph