Standard Chartered’s rand manipulation admission sparks extensive banking investigation
By Ragheema Mclean Earlier this month, the Competition Commission of South Africa imposed a R42 million fine on British multinational bank, Standard Chartered Bank (SCB), following its admission of involvement in currency manipulation. The commission revealed that SCB had engaged in manipulating the USD/ZAR currency pair through various means such as fixing bids, offers, bid-offer spreads, spot exchange rates, and rates at the FIX. This manipulation significantly affected the South […]
