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Cultura

UBS has whistleblower deal in Brazil currency investigation: paper


    SAO PAULO (Reuters) - Swiss lender UBS AG 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 (UBSN.CH) 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 , Bank of Tokyo-Mitsubishi UFJ, Barclays Plc , Citigroup Inc , Credit Suisse Group AG , Deutsche Bank AG , HSBC Holdings Plc , JPMorgan Chase & Co , Morgan Stanley , Nomura Holdings Inc <8604.T>, Royal Bank of Canada , Royal Bank of Scotland Group , Standard Bank Group Ltd , Standard Chartered Plc and UBS.

    (Reporting by Asher Levine; Editing by Jeffrey Benkoe)