Edward West edward.west@inl.co.za LOCAL and foreign banks implicated in alleged collusion of foreign exchange trading have asked the Competition Tribunal to dismiss the case against them as they claim that the Competition Commission has not accumulated sufficient evidence against them.
The Competition Commission alleged, in a case initiated in 2015, that the Bank of America, Merrill Lynch International, BNP Paribas, JP Morgan Chase, Australia and New Zealand Banking Group, Standard York Securities, Investec, Standard Bank, Nomura International, Standard Chartered Bank, Credit Suisse Group, Commerbank AG, MacQaire Bank, HSBC Bank, CitiBank, Absa Bank, Barclays Capital and Barlcays Bank and Standard Americas Inc participated in a “single overarching collusion”.
The banks allegedly did this by participating in chat rooms where information on their trading in the rand-dollar exchange rate was exchanged.
The…