Authorities to investigate seven investment banks

The Swedish Financial Supervisory Authority, Finansinspektionen (FI), said it will investigate seven other Swedish financial services companies in the wake of the valuation scandal at Carnegie, the newspaper Dagens Industri reported.

“We have chosen to investigate those companies which have similar trading activities to Carnegie. We are talking about the valuation of complex securities. The same valuation problems Carnegie had, these other companies have as well,” Ingrid Bonde, head of FI said.

“We are also looking a bit extra at the connection between increased risk volumes and levels, and the bonus environment,” she added.

The banks and investment banks to be investigated are HQ Bank, Kaupthing,

Nordea, Erik Penser Fondkommission, SEB, Swedbank, and Öhmans.