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South Africa To Unite 9 More Banks In Forex Trading Case

 |  November 29, 2021

The need to properly spend public funds calls for nine banks accused of manipulating the rand-dollar exchange rate, to be joined in a case against 23 other banks that have already been charged by the Competition Commission, the Competition Tribunal heard on Monday.

It would also be convenient for all banks facing the same charge to be in the same room to avoid a multiplicity of actions.

Advocate Tembeka Ngcukaitobi, for the commission, made these arguments in support of the case to join the nine other banks.

They are HSBC Bank USA, Merrill Lynch Pierce Fenner & Smith, Bank of America, Credit Suisse Securities, Nedbank Group, Nedbank Ltd, FirstRand Ltd, FirstRand Bank Ltd and Standard Americas. 

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