Brazil's antitrust agency investigates banks for interest rate manipulation

Section:

By Jeffrey T. Lewis and Rogerio Jelmayer
The Wall Street Journal
Thursday, July 2, 2015

SAO PAULO, Brazil -- Brazil's antitrust agency is investigating banking giants HSBC Holdings PLC, Citigroup Inc., Deutsche Bank AG, and a long list of their peers on suspicion of forming a cartel to manipulate the exchange rate of the Brazilian currency, the real.

The agency, known as CADE, said Thursday there are "strong indications" of the use of anticompetitive practices in the foreign-exchange market by the three big banks and a number of other U.S. and overseas lenders.

CADE said there was evidence the banks worked together to fix the exchange rate, coordinate the buying and selling of currencies, and impede the operations of other banks operating in Brazil's foreign-exchange market, among other things. ...

... For the remainder of the report:

http://www.wsj.com/articles/brazil-antitrust-agency-investigating-banks-...



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