Twenty Swiss banks have been fined CHF237.5 million by the Competition Commission (ComCo) after a long-running investigation into collusion on the financial market. +Get the most important news from Switzerland in your inbox In total, ComCo investigated agreements on the financial market in nine separate proceedings over a period of more than ten years. The investigations focussed on the business areas of interest rate derivatives, spot foreign exchange and precious metals trading. + From banker, to fugitive, to redemption: trader describes ‘Kafkaesque’ ordeal Individual traders from competing banks had entered into more than 20 separate, independent agreements between 2005 and 2013. They would have exchanged sensitive information about their business and strategies via company chat rooms, instant messaging services or by telephone, ComCo said. Between 2016 and 2024, ComCo has now negotiated a total of 35 amicable settlements in four out of five proceedings on interest rate …