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[SAO PAULO] 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, 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 US$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, Royal Bank of Canada, Royal Bank of Scotland Group, Standard Bank Group Ltd , Standard Chartered Plc and UBS.