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Home>GoldWire>JPMorgan, HSBC among dozen banks facing fines for rigging S. African rand

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JPMorgan, HSBC among dozen banks facing fines for rigging S. African rand

Chris Powell

GATA

Published : February 21st, 2017

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	South Africa's antitrust investigators have urged that a dozen banks be fined for colluding and manipulating trades in the rand, potentially becoming the latest in a string of penalties handed to lenders around the world for rigging currencies. South African's Competition Commission identified lenders including Bank of America Merrill Lynch, HSBC Holdings Plc, BNP Paribas SA, Credit Suisse Group AG, HSBC Holdings Plc, JPMorgan Chase & Co., and Nomura Holdings Inc. as among those that participated in price fixing and market allocation in the trading of foreign currency pairs involving the rand since at least 2007. It referred the case to an antitrust tribunal, concluding an investigation that began in 2015. ... ... For the remainder of the report: https://www.bloomberg.com/news/articles/2017-...ica-to-prose...

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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.

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