South Africa: Banks object to FX inquiry details

Some of the banks that South African regulators accuse of having rigged the rand currency exchange rate say the case against them lacks specific detail about anti-competitive conduct and its impact, several sources with direct knowledge of the matter have said.

The banks also questioned whether the country’s Competition Commission can penalize banks which do not have subsidiaries or branches in South Africa, the sources said.

The Competition Commission is seeking to impose fines on more than a dozen local and foreign banks that it alleges colluded to coordinate trading in the rand and the US dollar.

The Commission launched the investigation in April 2015, joining a global clampdown that has led to big banks being fined a total of approximately $10 billion for rigging interest rate and forex benchmarks.

The Tribunal will meet again in July to consider the banks’ objections if the Commission has done enough to fine-tune its case, the sources said.

Full Content: CNBC Africa

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