Brazil watchdog fines Morgan Stanley, Royal Bank of Canada for forex manipulation

Brazil watchdog fines Morgan Stanley, Royal Bank of Canada for forex manipulation

BRASILIA: Brazil's antitrust watchdog on Wednesday fined Morgan Stanley and Royal Bank of Canada a total of 42.9 million reais (US$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 , Citigroup Inc , Deutsche Bank AG , HSBC Holdings Plc and JPMorgan Chase & Co 183.5 million reais in 2016 as part of the investigation.

(Reporting by Bruno Federowski; Editing by Richard Chang)

Source: Reuters

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