Monday 26 September 2016

EU probing banks' metals trade

Gaspard Sebag

Published 26/08/2015 | 02:30

Prosecutors have been examining whether the banks manipulated prices of precious metals such as silver and gold.
Prosecutors have been examining whether the banks manipulated prices of precious metals such as silver and gold.

EU antitrust regulators are probing precious-metals trading following a US investigation that embroiled some of the world's biggest banks.

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The European Commission disclosed the probe after HSBC Holdings said in a filing earlier this month that it had received a request for information from the EU in April. "The commission is currently investigating alleged anti-competitive behaviour in precious metals spot trading" in Europe, Ricardo Cardoso, a spokesman for the regulator, said yesterday.

HSBC said in its half-year earnings report on August 3 that the commission had sought details about its precious-metals operations and that it's "cooperating with the authorities".

US prosecutors have been examining whether at least 10 banks, including Barclays, JPMorgan Chase & Co and Deutsche Bank, manipulated prices of precious metals such as silver and gold. (Bloomberg)

Irish Independent

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