14.12.2016

Brazil's antitrust fined five banks for currency manipulation

400Brazil’s antitrust body has slapped five banks with fines worth a combined 183.5 million reais (US$ 54 million) for creating a cartel to manipulate exchange rates, official sources announced. CADE, an office in charge of preventing economic abuse, announced that it had hit Barclays, Citicorp, Deutsche Bank, HSBC and JPMorgan Chase with the fines for participating in anti-competitive activities.

The ruling is linked to an investigation begun in Switzerland, Britain and the United States in which 15 companies have been accused of manipulating exchange rates. The fines so far handed down in this case have reached almost 6 billion U.S. dollars.

According to Cade's statement, the five banks agreed to admit to anti-competitive practices and cooperate with the watchdog in revealing how they manipulated exchange rates published by financial information companies and monetary authorities.

“Anti-competitive practices have potential direct and indirect effects on Brazilian territory and potentially allowed the participating operators of positioning themselves advantageously in order to obtain profits and minimize losses, to the detriment of clients,” said CADE in a statement.

CADE also opened an investigation into another potential cartel of banks that sought to manipulate the real’s onshore exchange rate.

The investigation includes 19 executives and former executives from ten banks, including Banco BBM, BNP Paribas, BTG Pactual, Citibank, HSBC, ABN AMRO Real, Fibra, Itau BBA, Santander and Societe Generale. 


Events


Semptember 2015
  • 28
    Jun

    Only a little more than half a year is remaining until implementation of PRIIPs and MiFID II, and th

  • 30
    Jun

    Lo Shipbrokers and Shipagents Dinner è uno degli eventi più importanti nel panorama mondiale della

  • 04
    Jul

    Within the framework of this presentation, Viktor Pershikov, MFTA, (a leading technical analyst in R

  • 05
    Jul

    One of the biggest conferences in Switzerland, which brings together the private equity, venture cap

  • 06
    Jul

    Within the framework of this presentation, Viktor Pershikov, MFTA (a leading technical analyst in Ru

See All

newsletter

Updates and news from MarketPlus

Market Overview
SMI® PR9051.270,73 %
LYXOR DAX INAV122.1340,15 %
FTSE MIB Index20930.26-0,68 %
FTSE 1007439.29-0,11 %
CAC 405281.930,15 %
S&P 5002434.50-0,05 %
NASDAQ Composite6236.68510,04 %
HANG SENG INDEX25674.53-0,08 %
Powered by Yahoo Finance