Competition Commission in ConCourt bid to prove 28 SA banks colluded on foreign exchange rate

The Constitutional Court is hearing the third day of arguments in the Competition Commission's case against leading banks on alleged manipulation of foreign exchange rates. The commission is trying to prove that the 28 banks colluded, pointing to traders of those banks who allegedly used a Bloomberg chatroom to coordinate and fix prices involving the rand exchange. The court will sit until Friday listening to submissions in the decades-long case that has seen two banks settle their cases by admitting liability and paying a penalty. Bongiwe Zwane spoke to Economist, Dawie Roodt...