16/02/ · Investec, Standard Bank of SA and Absa Bank are among those involved. The CompCom alleges that the practice has been ongoing since and has referred the matter to Reviews: 2 18/09/ · Earlier the commission referred 18 banks, including Standard Bank, Investec and Barclays Africa, to the tribunal for prosecution for colluding in forex trading 31/07/ · It is devoted to dealing with the numerous exception applications brought by the banks before the merits of the case can be heard. In February , the commission referred 23 banks to the Estimated Reading Time: 5 mins
Laws, Rules and Regulations to Follow When Trading Forex
Join now to receive first access to our EXCLUSIVE reports and updates. Screenshot of a breaking news alert e-mail from Q2 Please check your email to confirm your subscription Something went wrong We hate SPAM and promise to keep your email address safe The Competition Commission of South Africa has today referred a Forex manipulation collusion case to the Competition Tribunal which has jurisdiction throughout South Africa and adjudicates competition matters.
A Investec Ltd Standard New York Securities Inc. HSBC Bank Plc Standard Chartered Bank Credit Suisse Group Standard Bank of South Africa Ltd Commerzbank AG Australia and New Zealand Banking Group Limited Nomura International Plc. Macquarie Bank Limited ABSA Bank Limited ABSA Barclays Capital Inc Barclays Bank plc The Commission has been investigating a case of price fixing and market allocation forex collusion south africa involved institutions the trading of forex currency pairs involving the Rand since April Further, the Commission 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.
Traders of the institutions primarily used trading platforms such as the Reuters currency trading platform to carry out their collusive activities.
They also used Bloomberg instant messaging system chatroomtelephone conversation and had meetings to coordinate their bilateral and multilateral collusive trading activities. They assisted each other to reach the desired prices by coordinating trading times. They reached agreements to refrain from trading, taking turns in transacting and by either pulling or holding trading activities on the Reuters currency trading platform.
They also created fictitious bids and offers, distorting demand and supply in order to achieve their profit motives. The Commission is seeking an order from the Tribunal declaring that the institutions have contravene the Competition Act.
A, Investec Ltd, Standard New York Securities Inc. Competition Commissioner, Tembinkosi Bonakele stated: The referral of this matter to the Tribunal marks a key milestone in this case as it now affords the banks an opportunity to answer for themselves. com brand and the X Open Hub trading plat… South Africa Competition Commission prosecutes banks for Forex trading collusion 3 Send to a friend Newsletter signup LeapRate's Daily Forex Industry Newsletter Join now to receive first access forex collusion south africa involved institutions our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 Please check your email to confirm your subscription. Something went wrong. We hate SPAM and promise to keep your email address safe. Close Menu Send Us Your News Contact Newsletter. Search for:. Share via. LeapRate's Daily Forex Industry Newsletter Join now to receive first access to our EXCLUSIVE reports and updates.
Post navigation Previous, forex collusion south africa involved institutions. South Africa Competition Commission prosecutes banks for Forex trading collusion, forex collusion south africa involved institutions. Send to a friend Newsletter signup. Send this to a friend. Send Cancel.
How Banks Trade Forex: 3 Institutional Forex Trading Secrets Banks Don't Want You To Know
, time: 15:30Banks forex collusion; auto sector 'after market': Competition Commission briefing | PMG
28/01/ · Cape Town – More banks have been named in the forex collusion case, according to a supplementary affidavit filed by the Competition Commission on December 21, The affidavit, made available by the Competition Tribunal on Friday, was filed by the commission’s attorney Mfundo Ngobese 16/02/ · Investec, Standard Bank of SA and Absa Bank are among those involved. The CompCom alleges that the practice has been ongoing since and has referred the matter to Reviews: 2 28/02/ · Competition commission welcomes ruling that it can fine foreign banks in forex scandal. News South Africa. Waco Africa has declared that it is innocent of Estimated Reading Time: 2 mins
No comments:
Post a Comment