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The
investigation, which involves 15 of the world's largest banks,
began following the presentation of evidence by UBS, Valor
Economico reported, without naming its sources.
A UBS press representative did not immediately respond to a
request for comment.
In a document released Thursday, antitrust watchdog Cade alleged
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. Foreign exchange trading in Brazil is estimated at
about $3 trillion a year, excluding swaps and derivative
transactions.
The banks named in the Cade probe are Bank of America Merrill
Lynch, Bank of Tokyo-Mitsubishi UFJ, Barclays Plc, Citigroup
Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings
Plc, JPMorgan Chase & Co, Morgan Stanley, Nomura Holdings Inc,
Royal Bank of Canada , Royal Bank of Scotland Group , Standard
Bank Group Ltd , Standard Chartered Plc and UBS.
(Reporting by Asher Levine; Editing by Jeffrey Benkoe)
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