Swiss regulators are investigating UBS and several other banks for alleged manipulation of the $4 trillion daily global foreign exchange market, it emerged yesterday.

In echoes of the Libor rate-setting scandal, the Swiss markets regulator, Finma, said it was "co-ordinating closely with authorities in other countries as multiple banks around the world are potentially implicated".

Switzerland's competition regulator, Weko, said yesterday it had also launched a preliminary investigation into a possible cartel between banks over suspicions that foreign currency exchange rates were manipulated. UBS declined to comment. – (Copyright 2013 The Financial Times Limited)