SAO PAULO, July 3 (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. ID:nL1N0ZI107
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 8604.T , 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.