Credit Suisse Concludes FX Benchmark Rate Investigation

At the end of March the Swiss Competition Commission named 8 banks including Credit Susisse to be investigated for collusion in manipulating FX rates.  Reuters reported Credit Suisse to be "astonished" to be included in the investigation after not being included in a preliminary investigation in 2013.

Last week during the Q1 earnings release conference call, Credit Suisse's CFO stated that the bank's internal FX benchmark investigation was completed and nothing "materially untoward" was found.

It is not clear why the regulators feel that there may be collusion involving Credit Suisse while the bank sends out the "all clear" message after an internal investigation.  Time will tell.