Forex

South Africa to Prosecute Banks for Collusion on Forex Trading

Published

8 years ago

February 15, 2017

South Africa to Prosecute Banks for Collusion on Forex Trading

South Africa said it plans to prosecute more than a dozen international and local banks for alleged collusion in foreign currency trading.

The Competition Commission, which has been investigating a case of price fixing and market allocation in the trading of foreign currency pairs involving the rand, has referred the case to prosecution, it said in an e-mailed statement Wednesday.

The Commission named lenders including Bank of America’s Merrill Lynch unit, JPMorgan Chase & Co., BNP Paribas SA, Credit Suisse Group AG, HSBC Holdings Plc and Nomura Holdings Inc.

The commission said that from at least 2007, banks had an agreement to collude on prices for bids, offers and bid-offer spreads for the spot trades in relation to currency trading involving the U.S. dollar and rand currency pairing.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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South Africa to Prosecute Banks for Collusion on Forex Trading

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