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Big Banks Engaged in Forex Manipulation - S. African Regulators
[Photo: epSos.de / Flickr]
South Africa’s antitrust investigators urged that a dozen banks be fined for colluding and manipulating trades in that country’s currency, the rand, potentially becoming the latest in a string of penalties handed to lenders around the world for rigging currencies. South African regulators say that price fixing and manipulation between foreign currency pairs involving the rand had been going on since at least 2007.
The named banks included, the following: BofA Merrill Lynch, HSBC, BNP Paribas, Credit Suisse, HSBC, JPMorgan Chase and Nomura Holdings.
The outcome of the probe, which began in 2015, comes as President Jacob Zuma and his governing African National Congress step up pressure to break the dominance of the country’s 4 largest lenders and force them to lend more to black clients.
The action by South African authorities follows sentencing by a U.S. federal judge in January of Citigroup, Barclays, JPMorgan and RBS, which all pleaded guilty in May 2015 to rigging currency rates. As part of an overall $5.8 billion settlement with multiple regulators, they agreed to pay about $2.5 billion to the Justice Department.
A settlement with the banks is said to be likely.
