Saturday, July 26, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

SA plans tougher rules in wake of rand-rigging probe

Simon Osuji by Simon Osuji
November 25, 2023
in Finance
0
SA plans tougher rules in wake of rand-rigging probe
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

South Africa plans to tighten up its regulation of financial markets, after a top bank admitted to taking part in manipulation of the rand.

Legislation will be introduced next year to widen oversight of trading in over-the-counter derivatives and foreign currency, the National Treasury said on Friday.

“Reforms already undertaken since the Standard Chartered misconduct between 2007 and 2013, as well as the additional reforms proposed, demonstrate government’s commitment to fair, transparent, and efficient financial markets,” it said in a statement.

ADVERTISEMENT

CONTINUE READING BELOW

Standard Chartered Bank agreed this month to pay a R42.7 million penalty to settle a multiyear probe by South African antitrust regulators focused on the lender’s participation in an alleged cartel to manipulate the value of the rand.

South Africa’s ruling African National Congress said last week that banks found to have manipulated the currency should be charged with economic sabotage.

The probe confirmed Standard Chartered traders helped each other by “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,” the Treasury said.

It noted that other banks under scrutiny by the commission had denied wrongdoing and continue to challenge the allegations.

The Treasury said the malpractice wasn’t to blame for a slide in the rand, which has fallen 47% against the dollar in the past decade amid concerns over crime, corruption and economic stagnation.

“Whilst the wrongdoing described by the Competition Tribunal harmed individual clients, it would not have influenced the depreciating trend of the currency since 2013, the level of which is driven by broader changes in the global and domestic economy,” it said.

The currency-manipulation saga started in 2015, when the country’s Competition Commission alleged that banks including JPMorgan Chase & Co, BNP Paribas SA, Bank of America Corp and Investec colluded to rig the value of the rand against the dollar.

The inquiry followed a global probe into currency manipulation that was exposed two years earlier, triggering investigations in the US and the UK, and resulting in billions of dollars in settlements.

© 2023 Bloomberg



Source link

Related posts

Airbus bolsters African aviation with Jo’burg support hub

Airbus bolsters African aviation with Jo’burg support hub

July 25, 2025
Ghana to License Crypto Platforms as $3B Transactions Spur Regulation

Ghana to License Crypto Platforms as $3B Transactions Spur Regulation

July 25, 2025
Previous Post

North American Van Lines Donates Over 100,000 Pounds of Food During Annual Drive

Next Post

Whale Moves $30M To Exchanges, Will XRP Dip To $0.50?

Next Post
Whale Moves $30M To Exchanges, Will XRP Dip To $0.50?

Whale Moves $30M To Exchanges, Will XRP Dip To $0.50?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

The Surprising Mix of Qualities That Make People Influential.

3 Simple Recruiting Tips That Will Save You Time and Money

2 years ago
My Favorite Things an Amazon Echo Show Can Do (2024)

My Favorite Things an Amazon Echo Show Can Do (2024)

1 year ago
Bitwise Ethereum ETF Set to Launch on October 2nd

Ethereum Billionaires Now Hold 32% of Supply

2 years ago
Tripling off-grid renewables is a catalyst for sustainable development in rural communities – EnviroNews

Tripling off-grid renewables is a catalyst for sustainable development in rural communities – EnviroNews

5 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Global ranking of Top 5 smartphone brands in Q3, 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.