Britain’s smallest school loses its only pupil
World
Traders in bank collusion ‘highly skilled’ & ‘sophisticated’
The Competition Commission says traders used many platforms, including Bloomberg's instant messaging service, to distort the market.
JOHANNESBURG - The Competition Commission has described traders linked to 17 banks, who have been referred to the Competition Commission Tribunal for manipulating the rand's value, as highly skilled and sophisticated.
It says the traders used many platforms, including Bloomberg's instant messaging service, to distort the market.
Local banks include Standard Bank, Investec and Absa and international institutions like JPMorgan Chase, Nomura and Bank of America Merrill Lynch.
The commission found that from at least 2007 these banks had a general agreement to collude on prices for bids in relation to currency trading involving the rand and dollar.
Deputy competition commissioner Hardin Ratshisusu says, “As long as a trader is linked to a particular bank and they were doing business for that bank, then that bank is involved in that collusive party.”
The banks named in the case are:
Bank of America Merrill Lynch International Limited
BNP Paribas
JP Morgan Chase & Co
JP Morgan Chase Bank NA
Investec Ltd
Standard New York Securities Inc
HSBC Bank Plc
Standard Chartered Bank
Credit Suisse Group
Standard Bank of South Africa Ltd
Commerzbank AG
Australia and New Zealand Banking Group Limited
Nomura International Plc
Macquarie Bank Limited
ABSA Bank Limited
Barclays Capital Inc
Barclays Bank plc
(Edited by Shimoney Regter)
More in Local
-
Opposition parties cry foul over De Lille’s R1m overseas trips
-
Competition Tribunal: DStv agrees to pay R180m penalty for collusion
-
Edward Zuma: I meant what I said in open letter
-
KPMG disappointed after Sygnia terminates its services
-
Man killed in Eastern Cape shack fire
-
St John’s College old boys welcome racist teacher’s departure
Comments
EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.
comments powered by DisqusHowever, we will NOT condone the following:
- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.
We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.
We strive to make the EWN community a safe and welcoming space for all.
EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.
Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.
EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.