forex manipulation
New twist in rand-fixing saga
The recent arrest of SA-born Neil Phillips in connection with currency manipulation may encourage the Competition Commission in its seven-year battle to prosecute banks accused of rigging the forex market
22 September 2022 - 05:00
If the US department of justice (DoJ) is to be believed — and who wouldn’t believe it — it seems surprisingly easy to manipulate the foreign exchange market. Or it’s easy enough at least if you’re targeting the rand, happen to have $725m on hand to direct to the exercise and have ready access to one of Bloomberg’s chat rooms.
Then again, the manipulation may only last minutes or even seconds. So perhaps it’s not that easy. But in the DoJ’s latest case, this was sufficient time for an alleged forex manipulator to meet his objectives and score a $20m profit...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.