SUNDAY TIMES - Date set for Competition Tribunal to hear Citibank forex cartel agreement
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Sunday Times Business By Azizzar Mosupi, 2017-03-10 18:15:12.0

Date set for Competition Tribunal to hear Citibank forex cartel agreement

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Image: © Robert Galbraith / Reuters REUTERS

Citibank's settlement agreement for its involvement in the alleged forex trading cartel will be heard by the Competition Tribunal on May 22.

The bank‚ one of 17 identified as having colluded on the price of the rand against the dollar‚ agreed to pay a penalty of R69 500 860 for its role in the forex cartel.

This followed a two-year investigation into the matter by the Competition Commission.

In February‚ the commission released a statement saying that from at least 2007‚ Citibank and others had colluded on prices for bids‚ offers and bid-offer spreads for the spot trades in relation to currency trading involving US dollar/rand currency pair.

The commission further said that its investigation found that Citibank and its competitors manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times.

The other banks implicated are Bank of America Merrill Lynch International‚ BNP Paribas‚ JP Morgan Chase & Co‚ JP Morgan Chase Bank‚ Investec‚ Standard New York Securities‚ HSBC Bank‚ Standard Chartered Bank‚ Credit Suisse Group‚ Standard Bank of South Africa‚ Commerzbank AG‚ Australia and New Zealand Banking Group‚ Nomura International‚ Macquarie Bank‚ ABSA Bank Limited (ABSA)‚ Barclays Capital and Barclays Bank.

The hearing will take place at the Competition Tribunal in Pretoria.