SAO PAULO (Reuters) - Brazilian antitrust watchdog Cade said it reached an agreement with five large international banks, 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 rates of the Brazilian real, are Barclays Plc <BARC.L>, Citicorp <C.N>, Deutsche Bank SA <DBKGn.DE>, HSBC Bank Plc <HSBA.L> and JPMorgan Chase & Co <JPM.N>, Cade said late on Wednesday.
The banks agreed to admit to anti-competitive practices and cooperate with Cade in revealing how they manipulated exchange rates published by news agencies such as Reuters as well as the Central Bank of Europe.
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(Reporting by Reese Ewing; Editing by Lisa Von Ahn)