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Wednesday, June 13, 2018 - Brazil watchdog fines Morgan Stanley, Royal Bank of Canada for forex manipulation
Morgan Stanley
Source - https://www.reuters.com/article/us-brazil-banks-antitrust-forex/brazil-watchdog-fines-morgan-stanley-royal-bank-of-canada-for-forex-manipulation-idUSKBN1J9305
Where - Brazil
Cost - 42,900,000 BRL
Business line - Trading and Sales

Brazil’s antitrust watchdog on Wednesday 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.

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, Citigroup Inc, Deutsche Bank AG, HSBC Holdings Plc and JPMorgan Chase & Co 183.5 million reais in 2016 as part of the investigation.