Loading ...Precious metals trading is probed by EU after U.S. inquiry
Submitted by cpowell on 08:03AM ET Tuesday, August 25, 2015.
By Gaspard Sebag Stephen Morris
Bloomberg News
Tuesday, August 25, 2015
European Union antitrust regulators are probing precious-metals trading following a U.S. investigation that embroiled some of the world’s biggest banks.
The European Commission disclosed the probe after HSBC Holdings said in a filing this month that it had received a request for information from the EU in April.
“The commission is currently investigating alleged anti-competitive behavior in precious metals spot trading” in Europe, Ricardo Cardoso, a spokesman for the regulator, said in an e-mail on Tuesday.
U.S. 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. The scrutiny follows international probes into the rigging of financial benchmarks for rates and currencies, which have yielded billions of dollars in fines. …
… For the remainder of the report:
http://www.bloomberg.com/news/articles/2015-08-25/eu-commission-is-probi…