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Brazil regulator Cade fines foreign banks for currency manipulation

Reuters - UK Focus

SAO PAULO, Dec (Shanghai: 600875.SS - news) 8 (Reuters) - Brazilian antitrust watchdog Cade said it reached an agreement with five large international banks, fining them a combined 183.5 million reais ($54 million) for forming a cartel in offshore foreign exchange markets.

The banks, which were accused of manipulating exchange rates of the Brazilian real, are Barclays Plc (LSE: BARC.L - news) , Citicorp , Deutsche Bank SA, HSBC Bank Plc and JPMorgan Chase & Co (Xetra: 850628 - news) , Cade said late on Wednesday.

The banks agreed to admit to anti-competitive practices and cooperate with Cade in revealing how they manipulated exchange rates published by news agencies such as Reuters as well as the Central Bank of Europe. (Reporting by Reese Ewing; Editing by Lisa Von Ahn)