Brazil watchdog fines Morgan Stanley, Royal Bank of Canada for forex manipulation
Reuters
Published Jun 13, 2018 04:20PM ET
Brazil watchdog fines Morgan Stanley, Royal Bank of Canada for forex manipulation
BRASILIA (Reuters) - Brazil's antitrust watchdog on Wednesday fined Morgan Stanley (N:MS) and Royal Bank of Canada (TO:RY) a total of 42.9 million reais ($11.6 million) for meddling with foreign exchange rates charged to clients.
The board of regulator Cade unanimously approved a proposal to fine Morgan Stanley 30.280 million reais and RBC 12.586 million reais.
The banks are accused of colluding to manipulate spreads between bid and ask rates on offshore spot-market transactions involving the Brazilian real.
Cade had already fined Barclays Plc (L:BARC), Citigroup Inc (N:C), Deutsche Bank AG (DE:DBKGn), HSBC Holdings Plc (L:HSBA) and JPMorgan Chase & Co (N:JPM) 183.5 million reais in 2016 as part of the investigation.
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Written By: Reuters
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