Some expected names, but a couple of surprises when the the Swiss Competition Commission named the 8 banks under scrutiny relating to potential forex manipulation. This comes, of course, on top of industry nervousness and concern over the scope of investigations, potential manipulation and, most of all, potential penalties and damages to be paid to regulators and law suit settlements.
Given the global scope of the investigations, with even jurisdictions like New Zealand getting involved, the smart money should be betting that this will need more time to play out before we can start putting estimates of dollars and cents on the fix.
No comments:
Post a Comment