Swiss competition authorities have said they've opened an probe into whether a number of banks had been involved in the illegal fixing of precious metals prices. Deutsche Bank is among the scrutinized lenders.
Swiss regulators announced a probe on Monday into whether a group of large banks had fixed prices in the lucrative precious metals market.
The nation's Competition Commission (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," regulators said in a statement.
The competition watchdog noted it had indications that the lenders in question had "possibly concluded illegal [price-fixing] deals within the precious metals market.
Protracted scrutiny ahead
Regulators indicated the probe was specifically meant to clarify whether banks had illegally agreed on so-called spreads, marking the difference in bid and offer prices.
UBS, Deutsche Bank, Morgan Stanley and HSBC refused to comment on the current probe, while Julius Baer said through a spokesperson it was cooperating with investigators.
Deutsche Bank was no longer active in the precious metals trading market, while UBS had remained a major player, Reuters reported.
The Competition Commission said investigations would possibly be concluded on 2016, but no later than 2017.
hg/jd (AFP, Reuters)