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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.

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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