The investigations into collusion in interest rate derivatives, spot foreign exchange trading, and precious metals trading were conducted in several separate proceedings over a period of twelve years, Weko announced on Thursday.

The authority has now published an overview of the proceedings and their respective outcomes. In total, 20 banks were investigated. Seven investigations were concluded by Weko through a total of 35 so-called amicable settlements (settlements by mutual agreement), and two proceedings were discontinued. Overall, fines amounting to 237,5 million francs were imposed.

The collusive practices concerned, among other things, Swiss franc LIBOR, spreads on Swiss franc interest rate derivatives, yen TIBOR, EURIBOR, precious metals, and foreign exchange rates. The latter included procedural complexes such as «Three Way Banana Split», «Essex Express», and «Sterling Lads», each named after the chat groups used by the traders involved.

Sensitive information on transactions and strategies

During various periods of differing lengths between 2005 and 2013, individual traders from competing banks entered into more than twenty separate, independent bilateral or multilateral agreements. They exchanged sensitive information about their transactions and strategies via corporate chatrooms, instant messaging services, or by telephone.

These proceedings were highly complex and have kept Weko intensively occupied for more than twelve years since the opening of the first investigation in 2012, the authority said.

In the process, well over ten million pages of electronic and telephone communications between traders and brokers were analysed. Between 2016 and 2024, Weko negotiated 35 amicable settlements in several stages in four out of five interest rate derivatives proceedings and in three foreign exchange proceedings. Total procedural costs amounted to 5,33 million francs. All decisions are legally binding, the authority emphasised.