SAO PAULO, Dec 8 (Reuters) - Brazilian antitrust watchdogCade said it reached an agreement with five large internationalbanks, fining them a combined 183.5 million reais ($54 million)for forming a cartel in offshore foreign exchange markets.
The banks, which were accused of manipulating exchange ratesof the Brazilian real, are Barclays Plc, Citicorp, Deutsche Bank SA, HSBC Bank Plc andJPMorgan Chase & Co, Cade said late on Wednesday.
The banks agreed to admit to anti-competitive practices andcooperate with Cade in revealing how they manipulated exchangerates published by news agencies such as Reuters as well as theCentral Bank of Europe. (Reporting by Reese Ewing; Editing by Lisa Von Ahn)