SA banks may be fined '10 percent of turnover' over forex scandal
'The respondents manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times'
A South African antitrust regulator said it found that more than a dozen international and local banks colluded to manipulate foreign-currency trades and recommended some of them be fined 10 percent of their annual turnover. The Competition Commission identified lenders including Bank of AmericaMerrill Lynch, JPMorgan Chase & Co., BNP Paribas SA, Credit Suisse Group AG, HSBC Holdings Plc and Nomura Holdings Inc. as having participated in price fixing and market allocation in the trading of foreign currency pairs involving the rand since at least 2007. It referred the case to an antitrust tribunal, concluding an investigation that began in 2015.
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.