June 13, 2018 / 8:19 PM / 4 months ago

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

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