20°C / 22°C
  • Wed
  • 29°C
  • 16°C
  • Thu
  • 28°C
  • 14°C
  • Fri
  • 28°C
  • 12°C
  • Sat
  • 24°C
  • 9°C
  • Sun
  • 26°C
  • 8°C
  • Mon
  • 25°C
  • 11°C
  • Wed
  • 17°C
  • 10°C
  • Thu
  • 19°C
  • 11°C
  • Fri
  • 20°C
  • 12°C
  • Sat
  • 22°C
  • 14°C
  • Sun
  • 22°C
  • 15°C
  • Mon
  • 26°C
  • 15°C
  • Wed
  • 31°C
  • 18°C
  • Thu
  • 30°C
  • 16°C
  • Fri
  • 30°C
  • 14°C
  • Sat
  • 23°C
  • 12°C
  • Sun
  • 26°C
  • 10°C
  • Mon
  • 25°C
  • 13°C
  • Wed
  • 29°C
  • 16°C
  • Thu
  • 28°C
  • 16°C
  • Fri
  • 28°C
  • 14°C
  • Sat
  • 25°C
  • 10°C
  • Sun
  • 27°C
  • 9°C
  • Mon
  • 26°C
  • 12°C
  • Wed
  • 24°C
  • 19°C
  • Thu
  • 21°C
  • 18°C
  • Fri
  • 22°C
  • 18°C
  • Sat
  • 20°C
  • 17°C
  • Sun
  • 22°C
  • 16°C
  • Mon
  • 21°C
  • 18°C
  • Wed
  • 18°C
  • 12°C
  • Thu
  • 18°C
  • 12°C
  • Fri
  • 18°C
  • 13°C
  • Sat
  • 18°C
  • 12°C
  • Sun
  • 20°C
  • 14°C
  • Mon
  • 19°C
  • 14°C
  • Wed
  • 16°C
  • 8°C
  • Thu
  • 20°C
  • 6°C
  • Fri
  • 23°C
  • 8°C
  • Sat
  • 26°C
  • 10°C
  • Sun
  • 27°C
  • 11°C
  • Mon
  • 29°C
  • 12°C
  • Wed
  • 15°C
  • 8°C
  • Thu
  • 17°C
  • 11°C
  • Fri
  • 19°C
  • 11°C
  • Sat
  • 22°C
  • 13°C
  • Sun
  • 21°C
  • 13°C
  • Mon
  • 26°C
  • 14°C
  • Wed
  • 33°C
  • 20°C
  • Thu
  • 33°C
  • 18°C
  • Fri
  • 31°C
  • 17°C
  • Sat
  • 25°C
  • 13°C
  • Sun
  • 28°C
  • 12°C
  • Mon
  • 29°C
  • 15°C
  • Wed
  • 28°C
  • 14°C
  • Thu
  • 30°C
  • 12°C
  • Fri
  • 30°C
  • 12°C
  • Sat
  • 26°C
  • 9°C
  • Sun
  • 29°C
  • 10°C
  • Mon
  • 29°C
  • 12°C
  • Wed
  • 32°C
  • 16°C
  • Thu
  • 22°C
  • 15°C
  • Fri
  • 26°C
  • 14°C
  • Sat
  • 22°C
  • 12°C
  • Sun
  • 25°C
  • 11°C
  • Mon
  • 23°C
  • 14°C
  • Wed
  • 18°C
  • 9°C
  • Thu
  • 18°C
  • 10°C
  • Fri
  • 17°C
  • 11°C
  • Sat
  • 19°C
  • 10°C
  • Sun
  • 19°C
  • 12°C
  • Mon
  • 20°C
  • 12°C

Standard Bank CEO: We're puzzled by charges in forex fixing probe

Simphiwe Tshabalala says they don't actually know what the Competition Commission is accusing them of doing in the probe into alleged currency manipulation.

FILE: Picture: Supplied.

JOHANNESBURG - Standard Bank CEO Simphiwe Tshabalala says they don't actually know what the Competition Commission is accusing them of doing in the commission's probe into alleged currency manipulation.

He says that from the complaint by the commission, they are unable to determine what infraction they are accused of.

Standard Bank is one of 18 banks accused of currency manipulation involving the rand.

Last month, the Competition Commission said it had referred a case involving 18 banks to the Competition Tribunal after they were accused of price fixing in international markets involving the value of the rand to the dollar.

The banks involved include Absa, Standard Bank, Investec, HSBC and Nomura International plc.

The commission has found that from at least 2007, these banks had a general agreement to collude on prices for bids, offers and bid-offer spreads for spot trades in relation to currency trading involving the rand and the dollar.

(Edited by Zamangwane Shange)

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, 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.

comments powered by Disqus