Maria Ramos of ABSA – one of the banks fingered by the Competition Commission
The Competition Commission released a statement a while ago in which it referred “a collusion case to the Tribunal for prosecution against Bank of America Merrill Lynch International Limited, BNP Paribas, JP Morgan Chase & Co, JP Morgan Chase Bank N.A, Investec Ltd, Stand New York Securities Inc, HSBC Bank Plc, Standard Bank Chartered Bannk, Credit Suisse Group, Standard Bank of SA, Commercerbank AG, Austalia and New Zealand Banking Group Ltd, Nomura International Plc, Macquarie Bank Limited, Absa Bank Ltd, Barclays Capital Inc, Barclays Bank plc.
Sim Tshabala Group CEO of Standard Bank
The commission has been investigating a case of price fixing and market allocation in the trading of foreign currency pairs involving the Rand since April 2015. It has now referred the case to the Tribunal for prosecution.
The Commission found that from at least 2007, the respondents had a general agreement to collude on prices for bids, offers and bid-offer spreads for the spot trades in relation to currency trading involving US Dollar/Rand currency pair. The commission also found that the respondents manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times.
Full statement to follow…..