UBS and Credit Suisse in cartel probe

February 4th, 2012

FAKE NEWS for the Zionist agenda

The Local, Switzerland
03 Feb 2012

Swiss authorities said on Friday they have opened an investigation into suspected manipulation of interbank lending rates, following similar actions in other countries.

The Swiss Competition Commission COMCO said in a statement that it had received information regarding potential unlawful agreements among banks.

“Specifically, collusion between derivative traders might have influenced the LIBOR (London Interbank Offered Rate) and TIBOR (Tokyo Interbank Offered Rate) reference rates.

“Derivative traders working for a number of financial institutions might have manipulated these submissions by coordinating their behaviour, thereby influencing these reference rates in their favour,” the statement said.

The commission said derivative traders might have colluded to manipulate the difference between “the ask price and the bid price (spread) of derivatives based on these reference rates to the detriment of their clients.”