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Brazil currency probe in 15 banks
03 Jul 2015 16:04
Fifteen of the world's largest banks are under investigation on suspicion of rigging the Brazilian currency, competition watchdog Cade said today.
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This would mark the first such probe in one of the busiest foreign exchange markets globally.
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Cade alleged that the banks colluded to influence benchmark currency rates in Brazil by aligning positions and pushing transactions in a way that deterred competitors from the market between 2007 and 2013, at least.
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Foreign exchange trading in Brazil is estimated at about $3 trillion a year, excluding swaps and derivative transactions.
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The banks named in the Cade probe are Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi, Barclays, Citigroup, Credit Suisse, Deutsche Bank, HSBC, JPMorgan Chase & Co, Morgan Stanley, Nomura, Royal Bank of Canada, Royal Bank of Scotland, Standard Bank, Standard Chartered and UBS.
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The Brazilian investigation comes weeks after six of the world's largest financial institutions agreed to pay $5.8 billion to the US government to settle charges of currency rigging.
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The US probe took more than five years and five of those banks, which are being probed by Cade, pleaded guilty.
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