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Brazil watchdog fines Morgan Stanley, RBC for forex manipulation

Reuters

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)