
Credit Suisse a named defendant in FX antitrust law suit
Bank says it is astonished by Swiss Competition Commission investigation

Credit Suisse is one of 11 banks named as defendants in a US class-action lawsuit that alleges banks breached antitrust laws and harmed customers as a result of their activities in the foreign exchange markets.
The class action complaint, filed in November in the Southern District of New York, alleges a violation of the Sherman Act – a federal statute in US competition law – and seeks to prove that dealers harmed customers by colluding to move prices. The complaint lists Barclays, Citi, Credit
More on Foreign Exchange
Average reported daily UK FX turnover hits record high
Daily turnover of $2,881bn in October 2019, up 2% from previous high of $2,821bn in April
PBoC injects 1.2 trillion yuan as markets plunge
Chinese central bank eases to support economy as coronavirus spreads; Q1 GDP growth could drop to 4%
Spot volumes on platforms resumed downward trend in 2019
But an uptick was seen in FX swaps and forwards submitted for settlement
PBoC extends market closure as coronavirus spreads rapidly
Chinese central bank extends interbank markets closure and vows to maintain ample liquidity