Barclays, HSBC and Deutsche Bank are among at least 10
international banks being investigated by the US Department of Justice for
alleged rigging of the precious metal market, it emerged yesterday.
HSBC revealed
in its annual report, published yesterday, that the DoJ has asked it to submit
documents relating to a criminal anti-trust investigation into precious metals.
It also said that the Commodities Future Trading Commission had subpoenaed HSBC
Bank USA.
DoJ prosecutors are investigating the
London price setting of gold, silver, platinum and palladium. Other banks
reported to be under investigation include Bank of Nova Scotia, Credit Suisse,
Goldman Sachs, JPMorgan Chase, Société Générale, Standard Bank, and UBS. HSBC
said that the investigations were “at an early stage”.
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