By Martin Bricketto

Law360, New York (February 03, 2012, 12:55 PM ET) -- Switzerland's antitrust watchdog has opened an investigation against UBS AG, Credit Suisse Group AG and 10 other major financial institutions over possible collusion related to interbank interest rates, the regulator announced Friday.

The Swiss Competition Commission, also known as Comco, said it received information regarding potential unlawful agreements among banks and is looking into whether collusion between derivative traders influenced key interest-rate benchmarks, the London Interbank Offered Rate and the Tokyo Interbank Offered Rate.

Additionally, Comco said market conditions for derivative products based on those reference...