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South Africa: Antitrust regulator probes banks for rand price fixing

By  |  May 19, 2015

South Africa’s competition watchdog is investigating several global banks for fixing the price of local currency in their trading, it said on Tuesday.

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    The banks being investigated are BNP Paribas, Citigroup, Barlcays, JP Morgan, Investec and Standard Chartered, the Competition Commision said in a statement.

    “The respondents, who are traders in foreign currencies, have allegedly been directly or indirectly fixing prices in relation to bids, offers and bid-offer spreads in respect of spot, futures and forwards currency trades,” it said.

     

    Full content: Competition Commission South Africa

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