Brazil: Watchdog fines Morgan Stanley, Royal Bank of Canada

On Wednesday Brazil’s antitrust watchdog fined Morgan Stanley and Royal Bank of Canada a total of 42.9 million reais ($11.6 million) for meddling with foreign exchange rates charged to clients, reported Reuters.

The banks are accused of colluding to manipulate spreads between bids and ask rates on offshore spot-market transactions involving the Brazilian real.

Cade had already fined Barclays, Citigroup, Deutsche Bank AG, HSBC Holdings and JPMorgan Chase 183.5 million reais in 2016 as part of the investigation.

Full Content: Reuters

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