Competition Commission’s submission at forex hearing a warm-up for the main event
Twenty-three banks are accused of cartel-like behaviour — and using ‘smoke-filled chatrooms’ to conspire with each other
The exceptions application hearing underway before the Competition Tribunal in Pretoria on Wednesday concerning the alleged manipulation of the rand by a consortium of local and international banks provided a clear indication of where the battle lines will be drawn, if and when the tribunal hearing to consider the case goes ahead, as anticipated. Twenty-three banks have been accused of acting in a cartel-like fashion, contrary to competition law, over a six-year period from 2007 to 2013. The hearing under way is a necessary precursor to the main event that is due to begin later this year. While it is fundamentally technical in nature, the representations made by Advocate Tembeka Ngcukaitobi on Wednesday on behalf of the Competition Commission provided insight on some of the subtleties and substance that will likely be argued at a later stage. Ngcukaitobi described how the use of instant messaging chatrooms, such as those provided on Reuters and Bloomberg terminals, were central to t...
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