A PYMNTS Company

South Africa: Regulator moves on rand-rigging

By  |  June 11, 2019

South Africa’s Competition Tribunal, which oversaw the pre-trial hearings of banks that the Competition Commission accused of manipulating the rand, is due to make an order on the lenders’ requests on Wednesday, June 12, reported Bloomberg.

There have been accusations of wrongdoing and errors of process on both sides. In filings in May 2017, HSBC and Investec Bank claimed the Commission named the wrong legal entities in its allegations of currency rigging.

Standard Bank’s South African unit, Bank of America Merrill Lynch International, and Standard New York Securities all claimed the traders the Commission accused of manipulation on their behalf had either never worked for them or never traded the rand.

Full Content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.