EDITORIAL: Banks’ behaviour in forex collusion scandal is disturbing
SA’s banks are large and powerful corporate citizens that constantly proclaim themselves to be upstanding and committed to acting in the best interests of the country
The disclosure that currency traders in SA’s top banks have been accused of collusion with a host of other large international institutions should not be particularly shocking, given the similar scandals that have come to light in the financial capitals of the world. The investigation into the South African side of the currency trades appears to have followed probes by the US department of justice, which has been looking into currency trading manipulation by international banks for some time. The Competition Commission’s own investigation started in 2015. Although it should not be shocking to find that the same corruption and collusion may have taken place in SA, it is actually profoundly disturbing. SA’s banks are large and powerful corporate citizens that constantly proclaim themselves to be upstanding and committed to acting in the best interests of the country. The commission says the respondents – specific individuals are named in person in the indictment – had a general agreem...
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