UBS has whistleblower deal in Brazil currency investigation

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 $3 trillion a year, excluding swaps and derivative transactions.

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