Brasília, October 23, 2025 — Brazil’s Administrative Council for Economic Defence (CADE) has approved seven settlement agreements totalling BRL 80 million (approximately 14.8 million) in a long-running investigation into foreign exchange rate manipulation in the offshore market.
Manipulation of Exchange Rates and Spreads
The case originated in 2015 from whistleblower information received through CADE’s Clique-Denúncia channel. The authority examined collusion among global banks to coordinate prices, manipulate exchange rates, and align trading strategies involving the Brazilian real between 2007 and 2013. The conduct took place in the spot exchange market and in Non-Deliverable Forwards, which are used for hedging and as benchmarks for spot transactions.
The authority found that traders exchanged sensitive information in private Bloomberg chat rooms, coordinating quotes, spreads, and client proposals to restrict competition.
Settlements and Financial Contributions
The latest settlements were reached with Nomura International, Standard Chartered Bank, BofA Securities, Credit Suisse, and MUFG Bank, along with two former employees of participating institutions.
During the investigation phase, CADE’s investigative arm had already secured nine settlements, bringing total payments to Brazil’s Diffuse Rights Defence Fund (FDD) to approximately BRL 235 million ($43.6 million). With the approval of the seven new agreements, total collections in the case now exceed BRL 310 million ($57.5 million).
Reporting commissioner Victor Oliveira Fernandes said the commitments were “appropriate and sufficient to mitigate competition risks and preserve the integrity of the market.”
Under the settlements, the companies and individuals acknowledged participation in the conduct, agreed to cease any related behaviour, and will make their contributions to the FDD in a single instalment within 90 days of publication in the Official Gazette. The proceedings are now suspended for those parties pending final judgment.
