UBS has whistleblower deal in Brazil currency investigation: paper
Reuters
Published Jul 03, 2015 08:03AM ET
UBS has whistleblower deal in Brazil currency investigation: paper
SAO PAULO (Reuters) - Swiss lender UBS AG (VX:UBSG) (N:UBS) made a whistleblower deal with Brazilian authorities investigating the suspected rigging of Brazil's currency market and will receive no punishment in the case, a local newspaper reported on Friday.
The investigation, which involves 15 of the world's largest banks, began following the presentation of evidence by UBS, Valor Economico reported, without naming its sources.
A UBS press representative did not immediately respond to a request for comment.
In a document released Thursday, antitrust watchdog Cade alleged the banks colluded to influence benchmark currency rates in Brazil by aligning positions and pushing transactions in a way that deterred competitors from the market between 2007 and 2013, at least. Foreign exchange trading in Brazil is estimated at about $3 trillion a year, excluding swaps and derivative transactions.
The banks named in the Cade probe are Bank of America Merrill Lynch (N:BAC), Bank of Tokyo-Mitsubishi UFJ, Barclays Plc (L:BARC), Citigroup Inc (N:C), Credit Suisse Group AG (VX:CSGN), Deutsche Bank AG (DE:DBKGn), HSBC Holdings Plc (L:HSBA), JPMorgan Chase & Co (N:JPM), Morgan Stanley (N:MS), Nomura Holdings Inc (T:8604), Royal Bank of Canada (TO:RY), Royal Bank of Scotland Group (L:RBS), Standard Bank Group Ltd (J:SBKJ), Standard Chartered Plc (L:STAN) and UBS.
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Written By: Reuters
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