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Mexico Probe Into Bond-Market Collusion Said to Be Expanding

  • Securities regulator begins its own manipulation investigation
  • Parallel probe brings possibility of higher penalties
Traders work on the floor of the Bolsa Mexicana de Valores (BMV), Mexico's stock exchange, in Mexico City, Mexico, on Monday, Oct. 15, 2012. Emerging-market stocks fell for the first time in three days as global policy makers clashed on ways to boost economic growth and Chinese companies from ZTE Corp. To Yunnan Copper Industry Co. predicted losses.
Photographer: Susana Gonzalez/Bloomberg
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Mexican authorities are widening a probe into the country’s $400 billion bond market.

The securities regulator known as the CNBV has started its own investigation into whether banks, brokers and pension funds colluded to suppress prices for government securities, according to three people with knowledge of the matter. The development comes months after antitrust regulators began looking into the local market, and both bodies have requested records of electronic chats and other communications, one person said.