Rand Manipulation unpacked
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GUEST – Andre Cilliers - Director and Currency Risk Strategist at TreasuryOne
British multi-national bank Standard Chartered has admitted to its role in manipulating the dollar-rand exchange rate and has agreed to pay an administrative penalty of R42.7 million, ending roughly eight years of litigation with South Africa's competition authorities.
This comes after the London-headquartered lender reached a settlement with the Competition Commission and admitted its role in fixing bid, offers, bid-offer spreads as well as other activities aimed at manipulating the dollar-rand exchange rate.
The Competition Commission said in a statement on Wednesday that Standard Chartered had also participated in dividing markets by allocating customers in terms of which one trader withholds or pulls an existing bid or offer from the market to allow another trader to execute and complete a separate trade.
British multi-national bank Standard Chartered has admitted to its role in manipulating the dollar-rand exchange rate and has agreed to pay an administrative penalty of R42.7 million, ending roughly eight years of litigation with South Africa's competition authorities.
This comes after the London-headquartered lender reached a settlement with the Competition Commission and admitted its role in fixing bid, offers, bid-offer spreads as well as other activities aimed at manipulating the dollar-rand exchange rate.
The Competition Commission said in a statement on Wednesday that Standard Chartered had also participated in dividing markets by allocating customers in terms of which one trader withholds or pulls an existing bid or offer from the market to allow another trader to execute and complete a separate trade.