The Traderszone Network

Published in TZ Latest News 2 July, 2015 by The TZ Newswire Staff

Brazil probes currency market activity of 15 global banks

SAO PAULO/BRASILIA (Reuters) – Fifteen of the world’s largest banks are under investigation on suspicion of rigging the Brazilian currency, antitrust watchdog Cade said on Thursday, the first such probe in one of the busiest foreign exchange markets globally. In a document, Cade alleged that the banks colluded to influence benchmark currency rates in Brazil by aligning positions and pushing transactions in a way that deterred competitors from the market between 2007 and 2013, at least.

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