Forex rigging: more detail finally
Nearly a year after banks demanded more evidence, the Competition Commission outlines details on claims of collusion
The Competition Commission has cobbled together more detailed evidence demanded of it by banks almost a year ago in its case against their allegedly collusive currency traders. In a 61-page affidavit, the commission outlines how 36 individuals with ties to 23 financial institutions conspired to rig trades involving the dollar-rand currency pair. The claims of collusion range from sharing information about customer orders to fixing prices, all with a view to eliminating competition and co-ordinating trading activity to boost profit for the trading clique. This new information should strengthen the commission’s case, which has come under fire for being prematurely referred to the Competition Tribunal. Damning findings against banks in similar cases overseas, which Bloomberg reports have resulted in more than $10bn in penalties since 2013, may have bolstered it. The Competition Commission first announced it was investigating collusion in the foreign exchange market in April 2015. It re...