Brazil Watchdog fines Morgan Stanley, RBC Fined $11M for Rigging Real Spreads

[kreslik.news]

Brazil’s competition authority Cade has reached a settlement with Morgan Stanley and Royal Bank of Canada, fining them a combined 42.9 million reals ($11.6 million) for forming a cartel manipulate FX markets.

Cade – which stands for Conselho Administrativo de Defesa Econômica, or the Administrative Council for Economic Defence – is the latest to fine major banks over its attempts to rig foreign exchange rates, and follows high-profile investigations in the UK and US.

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Brazilian antitrust watchdog accused the banks of colluding to influence bid and ask spreads on ... (read more)