UBS has whistleblower deal in Brazil currency investigation - paper
SAO PAULO (Reuters) - Swiss lender UBS AG (UBSG.VX)(UBS.N) made a whistleblower deal with Brazilian authorities investigating the suspected rigging of Brazil's currency market and will receive no punishment in the case, a local newspaper reported on Friday.
The investigation, which involves 15 of the world's largest banks, began following the presentation of evidence by UBS, Valor Economico reported, without naming its sources.
A UBS press representative did not immediately respond to a request for comment.
In a document released Thursday, antitrust watchdog Cade alleged the banks colluded to influence benchmark currency rates in Brazil by aligning positions and pushing transactions in a way that deterred competitors from the market between 2007 and 2013, at least. Foreign exchange trading in Brazil is estimated at about $3 trillion a year, excluding swaps and derivative transactions.
The banks named in the Cade probe are Bank of America Merrill Lynch (BAC.N), Bank of Tokyo-Mitsubishi UFJ, Barclays Plc (BARC.L), Citigroup Inc (C.N), Credit Suisse Group AG (CSGN.VX), Deutsche Bank AG (DBKGn.DE), HSBC Holdings Plc (HSBA.L), JPMorgan Chase & Co (JPM.N), Morgan Stanley (MS.N), Nomura Holdings Inc , Royal Bank of Canada (RY.TO), Royal Bank of Scotland Group (RBS.L), Standard Bank Group Ltd (SBKJ.J), Standard Chartered Plc (STAN.L) and UBS.
(Reporting by Asher Levine; Editing by Jeffrey Benkoe)
