The Competition Commission has hailed the R42m settlement it reached with UK-based Standard Chartered Bank (StanChart) on Wednesday as vindicating its case against 28 local and international banks for allegedly rigging the rand foreign exchange market more than a decade ago.

The settlement came as the Competition Appeal Court continued to hear argument from the banks that the commission had shown little or no evidence that they were all part of a “single overarching conspiracy” to manipulate the rand between 2007 and 2013...

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