Brazil targets 15 banks in forex fixing probe

AFP, BRASÍLIA: Brazil’s antitrust body announced an unprecedented probe for the country into alleged foreign exchange market rigging by 15 banks including Citigroup and HSBC, which are accused of colluding to form a secret cartel.
“There are strong indications of anticompetitive practises of price fixing” and other manipulations between the banks, the watchdog known as Cade said late Thursday. The alleged cheating lasted from 2007 until at least 2013, authorities said.
“The evidence shows that (the banks) formed a cartel” fixing prices, coordinating trades, and impeding other operators involved in the Brazilian market, the watchdog said.
There is also evidence that the banks shared sensitive information on contracts, futures prices, clients, negotiating strategies and other confidential material, Cade said.

 

Brazil targets 15 banks in forex fixing probe

AFP, BRASLIA: Brazils antitrust body announced an unprecedented probe for the country into alleged foreign exchange market rigging by 15 banks including Citigroup and HSBC, which are accused of colluding to form a secret cartel. There are strong indications of anticompetitive practises of price fixing and other manipulations between the banks, the watchdog known as Cade said late Thursday. The alleged cheating lasted from 2007 until at least 2013, authorities said. The evidence shows that (the banks) formed a cartel fixing prices, coordinating trades, and impeding other operators involved in the Brazilian market, the watchdog said. There is also evidence that the banks shared sensitive information on contracts, futures prices, clients, negotiating strategies and other confidential material, Cade said.