Goldman Sachs and Morgan Stanley asked for more collateral from the struggling Brazilian chemical producer Unigel as they try to stem losses on their derivatives businesses in the country
as the Wall Street firms try to stem losses on their Brazil derivatives businesses, people familiar with the matter said.
The two banks hold a roughly $40 million joint position in exchange-rate derivatives sold to Unigel, with Morgan Stanley holding the bigger stake, the people said, asking not to be identified discussing private matters. The chemical maker has so far refused their collateral demand, according to the people.
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