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article imageBrazil targets 15 banks in forex fixing probe

By AFP     Jul 3, 2015 in Business

Brazil's antitrust body announced a probe into alleged foreign exchange market rigging by 15 banks including Citigroup and HSBC.

"There are strong indications of anticompetitive practices 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.

The other 13 banks named are: Banco Standard de Investimentos, Tokyo-Mitsubishi UFJ, Barclays, Credit Suisse, Deutsche Bank, JP Morgan Chase, Merril Lynch, Morgan Stanley, Nomura, Royal Bank of Canada, Royal Bank of Scotland, Standard Chartered and UBS.

In addition to the institutions, the probe is targeting 30 individuals, who were not identified.

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