EU antitrust regulators in currency rates investigation

European Union antitrust regulators are examining the possible manipulation of currency rates, following a Swiss probe into whether banks colluded to manipulate the $5.3 trillion (€3.9tn)-a-day foreign exchange market.

Joaquin Almunia, the EU’s competition commissioner, said he learned in the last few days of activities that “could mean violation of competition rules around the possible manipulation of types of exchange rates,” according to the EU’s website.

“I can’t anticipate any further because we are starting the inquiries,” Almunia said. “We are in a very preliminary phase.”