Brazil currency cartel probe may expand to more banks

Brasilia

BRAZIL'S investigation of an alleged currency cartel formed by 15 of the world's largest banks could expand to more financial institutions, but it is unlikely to result in trading bans, the head of antitrust watchdog Cade told Reuters on Wednesday.

Vinicius Carvalho, making his first public comments on the investigation, said that the case was built around a plea deal with one of six banks that had agreed to pay US$5.8 billion in the United States to settle charges of currency rigging.

The US settlement came just weeks before Cade went public with its case this month. As other banks agree to cooperate, Mr Carvalho said, more names could be drawn into the investigati…