A PYMNTS Company

Brazil: UBS signs whistleblower deal to avoid punishments in FX Case

By  |  July 5, 2015

Swiss bank UBS has signed a leniency agreement with Brazilian authorities to avoid punishment in the alleged rigging of the country’s currency market.

Local newspaper Valor Econômico reported that UBS signed an agreement with Brazil’s antitrust watchdog, the Council for Economic Defence (Cade), to provide evidence about the manipulation between 2009-2011.

Cade earlier alleged in a report that 15 foreign banks colluded to devise a scheme to influence benchmark currency rates in Brazil and block competitors from entering the market.

Following the deal with UBS, the Brazilian authorities began investigating the banks and 30 specific individuals.

Full content: Business Insider

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.