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Brazil: 30 bankers named in forex probe

By  |  July 13, 2015

The Brazilian authorities have widened their investigation into alleged foreign exchange manipulation, naming 30 bankers as part of the probe.

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    The state is the latest to launch investigations into the market, and follows high-profile investigations in the UK and US.

    Competition authority Cade said it is looking into the possibility that traders shared competitively sensitive information in chatrooms with the aim of fixing prices to make bigger profits, to the detriment of customers. Such information could include details of client orders, as well as trading strategies, the regulator said. Cade said it is looking at activity in forex markets between 2007 and 2013.

    It noted that some of the traders used online chat groups with names such as “the cartel” and “the mafia”.

    “The anti-competitive practices have direct and indirect effects in the Brazilian territory and allowed participants to conduct operators to position themselves better to make a profit and avoid/minimize losses to the detriment of customers,” Cade said.

    Full content: Ministério da Justiça

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