Brazil investigates big banks for exchange rate manipulation

Brazil’s antitrust agency opened an investigation into fifteen foreign banks and thirty individuals for allegedly forming a cartel to manipulate exchange rates of local Brazilian reals and foreign currency.

Among the banks under investigation are affiliates of Tokyo-Mitsubishi UFJ, Barclays, Citibank, Credit Suisse, Deutsche Bank, HSBC, JPMorgan Chase, Merrill Lynch, Morgan Stanley, Nomura, Royal Bank of Canada, Royal Bank of Scotland, Standard Chartered, UBS, and Standard Bank (South Africa), according to the release from the agency.… Continue Reading