Brazil watchdog fines Morgan Stanley, Royal Bank of Canada for forex manipulation
BRASILIA (Reuters) - Brazil's antitrust watchdog on Wednesday fined Morgan Stanley (NYSE:MS - News) and Royal Bank of Canada (Toronto:RY.TO - News) a total of 42.9 million reais ($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 (LSE:BARC.L - News), Citigroup Inc (NYSE:C - News), Deutsche Bank AG (DBKGn.DE), HSBC Holdings Plc (LSE:HSBA.L - News) and JPMorgan Chase & Co (NYSE:JPM - News) 183.5 million reais in 2016 as part of the investigation.
(Reporting by Bruno Federowski; Editing by Richard Chang)