Long-delayed currency-rigging case against bank traders gets under way
Other countries have reached settlements or issued administrative decisions, says the Global Competition Review
The Competition Commission’s currency-rigging case against bank traders will finally see the light of day this week, as banks present arguments to the Competition Tribunal on various technical issues, such as whether the commission has jurisdiction over foreign entities. The merits of the case will be heard only after technical issues, known as exceptions, have been dealt with. If that happens the Competition Commission would become the first competition authority worldwide to have to prosecute its forex accusations in court, according to the Global Competition Review, an antitrust and competition law journal. Other countries had reached settlements or issued administrative decisions, the GCR said following its annual awards in April, at which the commission was named agency of the year in Asia-Pacific, the Middle East and Africa. The case, which was first referred to the tribunal in February 2017, accuses 36 individuals with ties to 23 financial institutions of conspiring to rig tr...
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