Rand manipulation effects overblown – expert

[Bianke Neethling]

Rand manipulation effects overblown – expert

TreasuryONE's Andre Cilliers said claims that the banks involved in rand manipulation made R1 trillion a day and affected the long-term value of the currency are exaggerated.

 

[DapperDanMan]

How much hush money did this expert receive?

The article wasn't clear on that.

 

[FiestaST]

Generally the rule of thumb regarding such matters are:

When expert(s) say it is overblown it is the exact opposite so:

 

[Jola]

The "massive" damage to the currency and the country was done by the ANC, not by a couple of overzealous FX traders.

 

[itareanlnotani]

The Commission alleges that between 2007 and 2013, various banks fixed prices of bids, offers and bid-offer spreads in relation to spot trades of ZAR currency pairs through bilateral and multilateral communications using instant messaging platforms and other means of communication. In addition, that the banks assisted each other through allowing a trader with a large open risk position to complete his trades first before trading and through holding and/or pulling their trades to reverse liquidity for each other instead of trading normally in the market. This conduct amounts to price fixing and market allocation in contravention of Section 4(1)(b)(i) and (ii) of the Act.

Info Library

The Competition Tribunal, under the Competition Act (No. 89 of 1998), operates across South Africa independently, per the law and Constitution, without bias.

www.comptrib.co.za

Honestly, after 8 years the lawyers fee's would exceed 47M, its cheaper to just go whatever, fine us, and pay at this point.

Yes, they colluded on sell/buy pairs, but influence the rand? nope.

 

[DapperDanMan]

Info Library

The Competition Tribunal, under the Competition Act (No. 89 of 1998), operates across South Africa independently, per the law and Constitution, without bias.

www.comptrib.co.za

Honestly, after 8 years the lawyers fee's would exceed 47M, its cheaper to just go whatever, fine us, and pay at this point.

They didn't listen.

Pay up, judge tells Standard Chartered and African Banking

Court refuses banks leave to appeal against its earlier decision that the two lenders colluded

www.businesslive.co.za

 

[itareanlnotani]

They didn't listen.

Pay up, judge tells Standard Chartered and African Banking

Court refuses banks leave to appeal against its earlier decision that the two lenders colluded

www.businesslive.co.za

Completely different thing