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

BRASILIA (Reuters) – Brazil’s antitrust watchdog on Wednesday fined Morgan Stanley (MS.N) and Royal Bank of Canada (RY.TO) a total of 42.9 million reais ($11.6 million) for meddling with foreign exchange rates charged to clients.

FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California, U.S., September 24, 2013. REUTERS/Mike Blake/File Photo

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 (BARC.L), Citigroup Inc (C.N), Deutsche Bank AG (DBKGn.DE), HSBC Holdings Plc (HSBA.L) and JPMorgan Chase & Co (JPM.N) 183.5 million reais in 2016 as part of the investigation.

Reporting by Bruno Federowski; Editing by Richard Chang

Filed in: Top News Tags: 

You might like:

Merrill Lynch reviewing ban on commissions-paying retirement accounts Merrill Lynch reviewing ban on commissions-paying retirement accounts
Wells Fargo receives final approval to settle $142 million lawsuit Wells Fargo receives final approval to settle $142 million lawsuit
In 'world of two halves' funds buy U.S. stocks, exit Europe: BAML In 'world of two halves' funds buy U.S. stocks, exit Europe: BAML
Italy court rules it cannot hear Morgan Stanley derivatives case Italy court rules it cannot hear Morgan Stanley derivatives case
Wells Fargo settles retail sales lawsuit for $142 million Wells Fargo settles retail sales lawsuit for $142 million
Italy court rules it cannot hear Morgan Stanley derivatives case: sources Italy court rules it cannot hear Morgan Stanley derivatives case: sources
Exclusive: Ackman's hedge funds gain after years of losses, Chipotle helps Exclusive: Ackman's hedge funds gain after years of losses, Chipotle helps
U.S. fund investors pull nearly $10 billion from stocks in week: Lipper U.S. fund investors pull nearly $10 billion from stocks in week: Lipper

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.