The rigging of the rand — how they did it
It has emerged that a number of the traders identified in the Competition Commission currency-rigging complaint are not new to this
The Competition Commission’s indictment of 16 banks for forex rigging outlines, in excruciating detail, how traders at these banks, including Absa, Investec and Standard Bank, engaged in activities designed to rig a market with a daily turnover of $49bn, at the end of April 2016, according to the Bank for International Settlements. Business Day has taken a closer look at the issue and pieced together how the rigging was done. It also emerged that a number of the traders identified in the commission complaint were not new to forex rigging. Here are the details: In January, the US Federal Reserve permanently banned Jason Katz, who worked for BNP Paribas, Standard New York, and Barclays during the period of the commission’s investigation, from participating in the forex market due to his role in manipulating forex prices. This followed an earlier $342m penalty against Barclays for control deficiencies related to forex trading. JP Morgan and Citigroup, which are named in the Competition...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.