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Bank collusion case referred to Competition Tribunal

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

Picture: EWN.

JOHANNESBURG - The Competition Commission says it's referring a case involving 17 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 Competition 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.

It also says that these banks helped each other to reach the desired prices by coordinating their trading times - and created fake bids and offers - to distort demand and supply.

The commission adds they took turns in transacting by either pulling or holding trades.