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...

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