SA’s global banks probe
May 20 th, 2015
South Africa - Several global banks operating in SA are under investigation for allegedly manipulating foreign exchange trade, according to an announcement on Tuesday. These banks are suspected of price-rigging in currency markets. These include BNP Paribas, Citigroup, JP Morgan Chase and their branches, SA’s Investec bank, British Bank Standard Chartered and Barclays, Barclays Africa branches and Standard New York Securities. Through instant electronic messages platforms, they coordinate their activities and exchange to agree on a fair price to charge customers via their purchase or selling in currencies. The practice was designed to artificially inflate the exchange costs in Rand.
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