Post by cjm on Feb 20, 2017 8:19:08 GMT
Who blew the whistle?
It seems that individual customers were the major victims - not the country
Politics steals the show as CompCom names and shames ‘rogue currency traders’.
Johannesburg – Rogue traders implicated in a currency collusion case have been named in an affidavit filed by the Competition Commission.
On Wednesday the commission referred the case to the Competition Tribunal for prosecution against 17 banks. These include three local banks: Absa, Standard Bank and Investec.
The complaint was initiated on April 1 2015 and amended on August 31 2017 to include more banks, said Mfundo Ngobese, who submitted the application on behalf of the commission’s cartel division.
The implicated banks used Bloomberg chatrooms to enter into arrangements to fix prices of the USD/ZAR exchange and divide the market by allocating customers, said Ngobese.
The collusion was initiated as far back as 2007 and was conducted using the Reuters trading platform. The trades were conducted by traders operating predominantly in the US and SA, according to the affidavit.
The affidavit details how the price fixing was conducted and which banks were involved as well as their representatives.
...
Johannesburg – Rogue traders implicated in a currency collusion case have been named in an affidavit filed by the Competition Commission.
On Wednesday the commission referred the case to the Competition Tribunal for prosecution against 17 banks. These include three local banks: Absa, Standard Bank and Investec.
The complaint was initiated on April 1 2015 and amended on August 31 2017 to include more banks, said Mfundo Ngobese, who submitted the application on behalf of the commission’s cartel division.
The implicated banks used Bloomberg chatrooms to enter into arrangements to fix prices of the USD/ZAR exchange and divide the market by allocating customers, said Ngobese.
The collusion was initiated as far back as 2007 and was conducted using the Reuters trading platform. The trades were conducted by traders operating predominantly in the US and SA, according to the affidavit.
The affidavit details how the price fixing was conducted and which banks were involved as well as their representatives.
...
It seems that individual customers were the major victims - not the country
