Competition Commission says it can't charge foreign banks in rand-rigging case.
Partly on that basis, the tribunal sent the case back to the country's competition watchdog, giving it 40 days to clarify the charges it plans to bring. It also dismissed a request from the banks involved to have the case dropped altogether.
In a probe that has rumbled on since 2015, the Competition Commission has been seeking fines against 23 local and foreign banks that it alleges colluded to coordinate activities when giving quotes to customers buying or selling the rand and the dollar. It joined a global clampdown that has led to dozens of traders being fired and several big banks fined around $10 billion in total for rigging the level of Libor and other forex benchmarks.
The foreign banks being investigated without a presence in South Africa are Bank of America Merrill Lynch International, JP Morgan Chase & Co, Australia and New Zealand Bank Ltd, Standard New York Securities Inc, Nomura International PLC, Macquarie Bank Ltd, HBC Bank USA, National Association , Merrill Lynch Pierce Fenner and Smith and Credit Suisse Securities LLC.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Competition Commission says it can't charge foreign banks in rand-rigging caseThe Competition Commission concluded on Wednesday that it has no powers to charge foreign banks being investigated in an exchange-rate rigging case unless they have a presence in the country.
Read more »
Tribunal says it can't charge foreign banks in rand-rigging caseA legal case over exchange-rate rigging is set to drag on after the anti-trust tribunal ordered the competition watchdog to clarify the charges it is seeking.
Read more »
Competition Tribunal orders rewrite of charges in banking rand-rigging caseThe tribunal has found deficiencies in referrals by the Competition Commission against a raft of SA and international banks, which has 40 days to redraft its accusations
Read more »
SuperSport rejects Sundowns' multi-million rand bid for Mokoena and ModibaSuperSport United have sensationally rejected Mamelodi Sundowns' multi-million rand offer for the signatures of emerging midfielders Teboho Mokoena and Aubrey Modiba.
Read more »
SuperSport rejects Sundowns' multi-million rand bid for Mokoena and ModibaSuperSport United have sensationally rejected Mamelodi Sundowns' multi-million rand offer for the signatures of emerging midfielders Teboho Mokoena and Aubrey Modiba.
Read more »
Rand a little weaker as global sentiment coolsUS markets snapped a six-session winning streak and Asian markets were lower, as sentiment cools a little, weighing on the rand
Read more »