A PYMNTS Company

Brazil: CADE slaps fine on five banks over exchange rate tampering

By  |  December 13, 2016

Brazilian competition regulator CADE has announced it will settle its case against five major global financial institutions, collectively fining them 184 million reais (around $54 million USD), for taking part in a cartel which sought to manipulate international exchange rates.

The banks accused of manipulating the exchange rate of Brazil’s Real are Barclays Plc, Citicorp Deutsche Bank, HSBC Bank Plc and JPMorgan Chase & Co. These banks have been slapped with major fines over this same issue in Europe.

CADE’s press release confirms that all five entities have admitted to uncompetitive practices, and will be cooperating with CADE to reveal how they manipulated the exchange rates to be published in major international outlets, such as Reuters and the European Central Bank.

Full Content: Diario BAE

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.