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The Competition Commission (Competition Commission) Switzerland announced Friday the opening of an investigation of several international banks suspected of having entered into agreements to influence interbank reference rate and marketing of certain products.

The Competition Commission said in a statement that an institution is denounced by stating that several banks have influenced the benchmark Libor (London Interbank Offered Rate) and Tibor (Tokyo Interbank Offered Rate ) for certain currencies.

Libor is used worldwide as a benchmark to set rates on transactions whose total amount is estimated at 350,000 billion. 

The slightest change in these rates calculated daily based on data from a selected group of banks may have a significant impact on rates charged by banks.

"For these behaviors, traders could obtain a distortion of the reference rate in their favor," said the policeman of the competition in a statement.

The Competition Commission is also suspected that brokers will be concerted on the differences between the buying and selling (spreads) of derivatives products, allowing them to sell financial products to ; disadvantageous terms for their clients. 

Investigations of the Competition Commission with respect to 12 major European institutions, U.S. and Japanese: UBS and Credit Suisse, Bank of Tokyo-Mitsubishi, Citigroup, Deutsche Bank, HSBC, JP Morgan Chase, Mizuho Financial Group, Rabobank, Royal Bank of Scotland, Societe Generale and Sumitomo Mitsui Banking Corporation.

INVESTIGATIONS IN EUROPE AND THE United States

U.S. authorities, European and British also seeking banks have underestimated the interbank rates to reduce borrowing costs and try to ease market tensions during the financial crisis.

At the time, Libor rates had increased, but some had found that this increase was insufficient to reflect the actual prices in the interbank market. 

"We are in contact with the U.S. Department of Justice and the European Commission," said Reuters on Friday Olivier Schaller, Deputy Director of the Competition Commission. "Our focus for now on the problems appeared on the Swiss market. We're just beginning our investigation. "

" We take these surveys very seriously and cooperate fully with the authorities, "said a spokesman for UBS and Credit Suisse

. RBS have refused ; s to comment while no one was immediately available in other institutions for a position

……. .. Suspicions had already emerged in 2011 when a European asset manager sued a dozen international banks, accusing them of understanding to manipulate Libor …… Charles Schwab Corp.

… has also instituted proceedings against eleven major banks for the same reasons. 

In July, UBS announced it had granted immunity in a case of suspected manipulations to Libor in exchange for his cooperation with certain authorities.

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BBVA, Spain's second largest bank, announced Thursday a 34.8% drop in net profit in 2011 as a result of provisions for impairment of its property assets and exceptional charge .

Its net income amounted to three billion euros, a result set back from the expectations of 3.18 billion, according to a Reuters poll of 11 analysts from financial.

The amount of its bad loans declined slightly to 4% of all of its claims, against 4.1% in September.

U.S. stocks closed up again Friday, the adoption of reform measures by the Italian Senate calm investor concerns about the euro area.

The Dow Jones gained 2.19% or 259.89 points to 12,153.68 points. The Standard & Poor's has been 1.95% or 24.16 points to 1263.85 points while the Nasdaq composite advanced 2.04% or 53.60 points to 2678.75 points.

For the week, the Dow Jones gained 1.4% and the S & P 0.8%. The Nasdaq lost 0.3%.

In Italy, the Senate passed the law of financial stability, a set of austerity measures demanded by the European Union to deal with the crisis. The Chamber of Deputies will vote Saturday on the text.Bank of America gained nearly 3% to 6.21 and JPMorgan Chase & Co 1.65% to 33.28 dollars. The KBW index of bank has been awarded 2.1%.

Nvidia has awarded 3.52% to 14.98 dollars. The graphics chip maker reported quarterly results better than expected thanks to its diversification in semiconductors for mobile phones and tablets.

Germany will maintain its influence within EADS, the liberal FDP members of the ruling coalition have raised their opposition to a takeover by the state shares of the aerospace group that Daimler is seeking to sell.

The automaker, which holds a 15% economic interest in EADS and 22.5% of the voting rights, is seeking a buyer for part of its participation.

In return for the lifting of the objections of the FDP, the German state will sell stakes in other companies such as Deutsche Post and Deutsche Telekom, it was said.

The reversal of the Liberal Democrats FDP, the CDU partner of Angela Merkel, will allow the state development bank KfW to buy half of the 15% held by Daimler in the European aerospace consortium.

A government source said that the automaker would retain the remaining 7.5% beyond 2013.

She said the issue of price has not yet been addressed and has no agreement is expected before July.

No one at Daimler, EADS or KfW has agreed to comment on the report.

EADS is governed by a shareholders led by the French Lagardère and Daimler.

He assured that the draft prepared by the Tax Commission in Brussels would be considered by the Heads of State and Government of the EU "at the beginning of this year," and promised that France "will fight" in order to so that it is put into service by the end of next year.

The Head of State expressed satisfaction that now "a number of countries have joined the battle of France", quoting indiscriminately the European Commission, Germany, Spain, Argentina, African Union, Ethiopia, South Africa and Secretary General of the UN, which he said Brazil "who said his interest in the process."

Traders are on alert Monday morning after the warning of the Japanese Finance Minister Jun Azumi, who warned that Tokyo might intervene in the foreign exchange market to try, once again, to halt the rise of the yen that threatens the recovery of the Japanese archipelago.

Japanese export growth has certainly slowed less than expected in September, showed figures released Monday by the Ministry of Finance, but economists warn that the combination of a strong yen and the persistence of the crisis debt in Europe pose high risks to external demand.

The Bank of Japan (BoJ), which meets Thursday, is likely to cut its economic forecasts because of slowing global growth while keeping intact its monetary policy.

The status quo in Japanese monetary policy, however, may not be sufficient to contain the rise of the yen, the latter continued to figure as a safe haven in times of uncertainty.

"The dollar / yen fell sharply, to a range between 75 and 76 yen in a very short period of time. This is completely speculative and does not reflect at all the fundamentals.This is unfortunate, "said Jun Azumi reporters.

"If this path becomes excessive, we will take tough decisions."

The strong yen will have a major impact on the Japanese export sector, he added, especially for the automotive industry.

Jun Azumi's remarks came after the dollar hit a record low Friday at 75.78 yen on EBS platform.

Since September 2010, the government intervened on two occasions, once alone and once together with the G7, in an attempt to weaken the yen, but the effect of these interventions did not last.

Japanese exports rose 2.4% in September from the previous year, against 1.0% expected, supported by higher sales of automobiles and automotive equipment.In August, they had increased by 2.8%.

Imports on the other hand increased by 12.1% last month, instead of the 12.6% forecast.

Japan posted a trade surplus of 300.4 billion yen (2.8 billion euros), a deficit in August, against a forecast surplus of 198.8 billion yen.

The option of separate market activities and those of major European banks of deposit will be thinking in Europe, announced Thursday the EU Internal Market Commissioner Michel Barnier, without going so far as to directly question the universal banking model.

This model, championed by French banks BNP Paribas, Societe Generale and Credit Agricole and its major European competitors, is already under pressure in the United States and several European countries, like Great Britain.

"The logic is to identify risks and to face risks at the right level, adequate safeguards," said Michel Barnier at a press conference.

"Is it necessary to go further and move from the segregation of risk and prudential measures to separation, as I see in the report suggest Vickers in the UK or as the Americans wanted to do?"

"I'm not closed to the idea of ​​separation (…) Before going further, I want us to objectively verify all the advantages of separation and the negative effects this could have," he said.

He then observed that the universal banking model, which predominates in Europe, played no role in triggering the financial crisis in 2008 and, in the same way, no model of the Atlantic had not preserved the United States in this crisis.

European officials working on these topics were then clarified that the Commission would not go head on universal banking model but would seek to ensure that the risks inherent in the business market are treated "totally sealed "to protect the activities of deposit.

THE CENTER OF THE PRESIDENTIAL CAMPAIGN

In France, the idea of ​​separation of deposit banks and investment banks – or at least a separation of these types of activities – already among the themes of the presidential campaign.

It is defended not only by the Socialist Party, favorite in the polls, and the left parties but also, on the other side of the political spectrum, the National Front.

The project of the PS in 2012 and states that "we must return to a strict distinction and separation of banking activities of deposit and financial activities," an orientation also defended by the candidate Francois Hollande.

Two of his relatives, former Economy Minister Michel Sapin and the chairman of the Finance Committee of the National Assembly, Jérôme Cahuzac, recently told Reuters support the separation of deposit banks and investment..

French banks, supported by the Bank of France, for their part do not want to hear about this separation.

François Villeroy de Galhau, the network manager at BNP Paribas France had declared the end of September that such a separation would have been of no help when the financial crisis of 2008.

He wanted to show that Northern Rock in Britain was a purely retail bank while Lehman Brothers in the United States was only one bank and investment.

The French Banking Federation was not immediately available to comment on what Michel Barnier.

The stock market rally seen since early October, which is largely based on the feeling that Europe has finally committed to the implementation of sustainable solutions to the debt crisis, seems to be over in fear that the ads promised by early November are not up to expectations.

The German Finance Minister Wolfgang Schäuble, who warned Monday that the European Summit of October 23 would not produce a definitive solution to the debt crisis in the eurozone, has dampened the enthusiasm in the marketplace.

Around 16:30, the CAC 40 and Eurostoxx 50, which is still evolving in the green in the morning after a G20 finance considered rather promising Saturday, both lost about 1.6% as a result of these statements.

Noting that the increase of over 12% in 10 days is largely based on hopes and was made in limited volumes, leaving the door open to great disappointment when announcements, investors do not exclude relapse of the markets in the coming weeks.

"The meeting of G20 finance ministers this weekend confirmed the hopes of the market for the rapid implementation of a plan to end the crisis", says Franklin Pichard, director of Barclays Bourse France.

"Politicians have no room for error in communication.The slightest disappointment lead to a violent reaction to the decline in equity markets. "

Buyers expect the ads to be made after the G20 summit on 3 and 4 November in Cannes: strengthening the capacity of the European Financial Stability Fund (EFSF), bank recapitalization European responses to the financial situation worse than expected from Greece and reform of European governance.

"Although we have a constructive long-term vision of the evolution of sovereign risk in the euro zone, the political difficulties to be expected before reaching a final solution we ensure that the road is bumpy markets," said BNP, however, Paribas Investment Partners.

The management group, which benefited from the rebound to move to underweight on equities, does not "further price drops, as we had this summer seem possible."

ING Investment Management also remains on the defensive, a position with "underweight" on the stock markets in Europe, as well as financial and cyclical stocks.

His actions strategist Patrick Moonen is especially before the uncertainties not only about the size of the bank recapitalization program, but also on the quarterly results, which could also disappointed with the economic slowdown and exchange rate volatility.

"The month of October started a rally based on hopes (…) and positions, but few facts," he said.

Strategists market rate of Societe Generale also believe that "the latest developments are a supporting factor for the risk appetite, although the markets think differently this time."

CONSOLIDATION AT THE OPTION OF ADVERTISING

Investors are more reserved vis-à-vis the commitment shown by Saturday the finance ministers of the G20 to support and rebalance the global economy – with a fiscal consolidation in advanced countries and support for domestic consumption in emerging markets.

"If these promises are interesting, they are very similar to previous ones.There are many positive intentions but little detail on implementation, with the exception of Europeans advancing at a rapid pace, "said François Duhen, strategist at CM-CIC Securities.

From the graphical point of view, analysts estimate that the CAC 40 should stumble on key areas of resistance around 3280-3300 points, then from 3450 to 3500 points, and the Eurostoxx 50 on the area of ​​2450-2460 points.

"The movements (up to last week) could be extended a little longer, but we expect corrections, or at least consolidation in the coming days," said Valerie Gastaldy, Analyst Day By Day.

Alexandre Le Drogoff, Aurel BGC, agrees that current levels of the market should be the starting point for a correction, to a resistance threshold of 3.060 points for the CAC 40 and 2230 points for the Eurostoxx 50 … unless it announces a new downtrend.

"I see the French market up against the 3280-3300 and consolidate the liking of ads before leaving, especially since we do not see a buying spree at the moment. It's going a little too fast. This is probably not sustainable, "said Frederic Rozier, manager at Meeschaert Private.

However, despite the dismantling forced Dexia, some speakers stressed that the "worst is over", confident in the ability of policies to avoid a systemic crisis as in 2008, after the bankruptcy of Lehman Brothers.

Bratislava voted in favor of strengthening the European Financial Stability Fund (EFSF) in a second vote. This is the last country to have approved. Slovak Prime Minister Iveta Radicova and President of movement Freedom and Solidarity (SaS) Richard Sulik in negotiations for el parliamentary vote of expanding the EFSF on 10 october 2011.

The Slovak Parliament approved on Thursday the strengthening of the European Financial Stability Fund (EFSF) in a second vote, allowing the entry into force of this instrument. Slovakia, which was the last of the 17 member countries of the euro area to vote, had a first vote Tuesday rejected the strengthening of the EFSF.

Bratislava's contribution is 7.7 billion euros in guarantees from the state.Of the total 147 deputies present, 114 voted in favor of the safety net for countries in financial difficulties, including Greece heavily in debt. Thirty voted against, three abstained. The first vote, negative, Tuesday evening, due to the refusal of a small party in the coalition to approve the building of EFSF, caused the collapse of the coalition and the fall of the government of Prime Minister Iveta Radicova who had of this vote a matter of trust for his cabinet.

After the failure of this first vote, the opposition Social Democratic Party (Smer-SD) reached an agreement with three parties in the coalition government, totaling 119 seats out of 150, to approve, in exchange for early elections strengthening the EFSF in a second vote. Thursday, Parliament gave the green light to the early elections March 10, 2012.

Without a unanimous agreement of the 17 member countries of the euro area in its building, the EFSF might be maintained in its old form, with limited capacity for action to help states avoid bankruptcy. Worried, the EU asked Wednesday to Slovakia to promptly approve the strengthening of EFSF, emphasizing its importance "crucial" for the euro area.