ZURICH (Reuters) - Credit score Suisse has been hit with extra EU antitrust prices, three years after EU enforcers charged the Swi
ZURICH (Reuters) – Credit score Suisse has been hit with extra EU antitrust prices, three years after EU enforcers charged the Swiss financial institution with rigging overseas change charges in an virtually decade-long case.
The monetary sector has been within the EU antitrust crosshairs for practically a decade for rigging key curiosity benchmarks, authorities bonds and overseas change charges, leading to billions of euros in fines imposed on varied banks.
The European Fee had in July 2019 despatched a cost sheet often known as a press release of objections to Credit score Suisse, Switzerland’s second-biggest financial institution.
Such paperwork usually set out anti-competitive actions uncovered by regulators which might result in fines as a lot as 10% of an organization’s international turnover.
Credit score Suisse on Monday confirmed receipt of a supplemental assertion of objections.
“Credit score Suisse continues to imagine that it didn’t interact in any systemic conduct within the FX markets which violated the European Union’s competitors guidelines, and is contesting the EC’s case,” the financial institution mentioned in a press release.
The Fee, which fined Barclays, Royal Financial institution of Scotland (RBS), Citigroup, JPMorgan and MUFG Financial institution in Could 2019 for rigging overseas change spot buying and selling, didn’t instantly reply to a request for remark.
Reporting by Foo Yun Chee in Brussels and Michael Shields in Zurich; modifying by Louise Heavens
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