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Brazil watchdog fines Morgan Stanley, RBC for forex manipulation

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Brazil watchdog fines Morgan Stanley, RBC for forex manipulation

Brazil watchdog fines Morgan Stanley, RBC for forex manipulation
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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 (£8.6 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 <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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