FX Rigging Trial to Begin Next Year in South Africa as Regulator Needs More Time

[kreslik.news]

South Africa is stepping up its forex rigging probe, but more than three years after Western financial watchdogs issued multi-billion dollar fines to global banks. The SA Competition Commission today said it will need more time to conclude an investigation into whether banks took part in a cartel to rig currency quotes for customers who were buying or selling its local currency.

The South African watchdog will allow the legal processes initiated to run their course early 2019 and will continue to monitor developments closely in accordance with its mandate.

“Our case against the banks is very strong and we want to deal ... (read more)