Brazil Watchdog Fines Morgan Stanley Royal Bank Of Canada For Forex Manipulation

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BRASILIA – 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.

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.




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