GENEVA: Swiss Competition Commission COMCO said they were investigating UBS, HSBC, Deutsche Bank and other major banks for suspected price fixing in the trade of precious metals like gold, silver, platinum and palladium. COMCO said it had indications that the banks had possibly concluded illegal competition defying deals in the trade. The investigation would likely conclude in 2017. It is not the first time the role of banks in determining the price of precious metals has been questioned. In August, the European Commission investigated alleged anti-competitive behaviour in precious metals spot trading in the EEA (European Economic Area), but provided no details. Precious metals have increasingly come under scrutiny and the price-setting mechanism to determine benchmark prices for precious metals is also under reform, amid calls for greater transparency.
Published in The Express Tribune, September 29th, 2015.
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