South Africa watchdog seeks penalty against banks for FX rigging
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By Tiisetso Motsoeneng
JOHANNESBURG, Feb 15 (Reuters) South Africa Canada Goose Jackets competition watchdog has recommended fines against banks including Citigroup, Nomura and Standard Bank equal to canada goose factory sale 10 percent of their annual revenues for rigging canadian goose jacket the rand currency, it Canada Goose sale said on Wednesday.
The Competition Commission said it had concluded an investigation into whether banks colluded to coordinate their trading activities when giving quotes to customers who were buying or selling currencies.
It did not say if the fines should relate to canada goose uk outlet the global revenues of the banks in question cheap Canada Goose or just their South African business and could not be reached for further comment. dollar, the Commission said.
also created canada goose coats fictitious buy canada goose jacket cheap bids and offers, distorting demand and supply in order to achieve their profit motives, the Commission said in a statement.
It Canada Goose online did not give any detailed examples of Canada Goose Outlet how it Canada Goose Coats On Sale had come to this finding, but said the banks had a general agreement to collude and canada goose clearance had used instant messaging, phone conversation and meetings to coordinate their activities.
The Commission launched the investigation in April 2015, joining a global clampdown that has led to dozens of traders fired and big banks fined around $10 billion in total for rigging the level of Libor and other forex benchmarks.
KEY MILESTONE The Commission, which investigates anti canada goose clearance sale trust practices, said it had referred the case for prosecution to the Competition Tribunal, which holds hearings on anti cheap canada goose uk trust matters before making a finding uk canada goose which parties affected can then appeal to South Africa Competition Appeal Court.
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, said Commissioner Tembinkosi Bonakele uk canada goose outlet in a canada goose store statement.
The Tribunal declined Canada Goose Online comment.
Other banks named in the case were Investec, JP canada goose black friday sale Morgan, BNP Paribas, Credit Suisse Group, Commerzbank AG, Standard New York Securities Inc, Macquarie Bank, Bank of America Merrill Lynch, ANZ Banking Group Ltd, Standard Chartered Plc and Barclays Africa (Absa), part of the Barclays Plc.
should be noted that the Competition Commission has not sought any penalties against Absa, Barclays Africa said without giving any Canada Goose Parka explanation. It said it would cooperate with the investigation.
Investec also said canada goose coats on sale in an emailed statement it my website would cooperate, but added: canada goose uk black friday at this stage we still do not have further detail canada goose with respect to the nature of the investigation and buy canada goose jacket are thus not able to comment on the matter.
SARB will allow canada goose uk shop the legal processes now initiated to run their course, and will continue to monitor developments closely to inform any action that we may need to embark upon in accordance with our mandate and jurisdiction, the central bank said in a statement. (Additional reporting by TJ Strydom; Editing by Susan Fenton and David Holmes).