from Swift shows that in July RMB bounced back to its position as the fifth
most active currency for global by payments by value, with a share of 1.90%, a
slight increase from 1.72% in June 2016.
the data shows that ...
South Africa’s Competition Commission says it is commencing prosecution proceedings against 14 banks over alleged collusion in ZAR markets.
The Commission has been investigating the issue since April 2015 and says it has now referred the case to the country’s Tribunal for prosecution.
The banks are Bank of America Merrill Lynch; BNP Paribas; JP Morgan; Investec; HSBC; Standard Chartered Bank; Credit Suisse; Standard Bank of South Africa; Commerzbank; ANZ; Nomura International; Macquarie Bank; ABSA Bank; and Barclays.
In some cases the case is being brought against two entities with the same organisation, if found guilty, the banks could face fines of up to 10% of their annual turnover.
Citi has become the first bank to settle with South Africa’s Competition Commission, paying the equivalent of a just over $5 million fine related to charges it participated in a cartel that manipulated prices in the rand.
The Commission found that from at least 2007, Citi and its competitors 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 USD/ZAR. The Commission last week charged 14 banks with collusion.