‘Banks colluded in fixing the rand-dollar exchange rate’

Adv Ngukaitobi argues that there was collusion
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The Competition Commission’s legal representative in the Banks Forex matter, Advocate Tembeka Ngcukaitobi says the banks colluded in fixing the rand-dollar exchange rate by means of a specially created chatroom on the Bloomberg terminal.

He was making arguments at the Competition Tribunal’s third day of hearings currently underway in Pretoria.

“What we know is that the Bloomberg chatroom, it is  administered by an administrator. It has right to invite participants; participants have the option of participating or not. Once they’re in, they know everything about what the other traders are doing, and they also know everything about the other customers. Now, this is the type of an international cartel activity that takes place in virtual platforms.”

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