Published at 03:12 (GMT) 18 Mar

USD/CHF, EUR/USD Flows - FT: Four banks face trial over derivatives deals; Milan (NKFC2001)

Some focus on the 4 banks facing trial over derivatives; given reports of US bank's derivatives deals with Greece over its debt. FT Wednesday: Four banks were charged with fraud on Wed for their roles in a €1.7bn ($2.3bn) financing package for the Italian city of Milan in a case that will fuel the global debate about the use of complex derivatives. UBS, JPMorgan Chase, Deutsche Bank and Germany's Depfa will face trial in Milan after a judge ruled there was sufficient evidence for them to face criminal charges of aggravated fraud for their role in devising a swaps package for the city's 2005 bond issue.The case comes amid claims that investment banks helped Greece to fudge its national debt figures through the use of derivatives in order to qualify for membership of the euro. On FX, good to watch above. EUR at 1.3725-28, markets "very quiet", though above seen negative EUR. USD/CHF 1.0550-55, off 6-wk low 1.0507.WL