British bank Standard Chartered illegally tried to manipulate the rand
British financial services company Standard Chartered has pleaded guilty to manipulating the rand between 2007 and 2013.
Standard Chartered traders used a range of illegal tactics to maximise profits.
(For more detail click here to read "Standard Chartered pleads guilty to currency manipulation".)
Listen to the interview in the audio below (and scroll down for quotes from it).
It doesn’t look like a big breakthrough to me… It doesn’t help the competition authorities in South Africa…Stuart Theobald, Chairperson - Intellidex
It’s not at all clear that any of this activity happened in South Africa… it’s relevant [to local competition authorities] if it had an economic effect in South Africa…Stuart Theobald, Chairperson - Intellidex
It might have been the case that for a few seconds the exchange rate might have moved by a few basis points… Even the biggest banks are small fish in that market place…Stuart Theobald, Chairperson - Intellidex
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