South Africa regulators to investigate FX rigging

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South African regulators are investigating alleged foreign-currency market rigging for the first time in 13 years in a probe that will examine practices at banks including JPMorgan and Citigroup.

Bloomberg News reports that the Competition Commission suspects 11 companies of using electronic messaging software to coordinate deals when quoting prices to customers, it said in a statement Tuesday.

The inquiry follows a global probe into manipulation of the $5.3 trillion-a-day currency market that began in the U.K. two years ago. That scrutiny has now been extended to South African banks, including Standard Bank and Barclays Africa Group.

The rand accounted for 1.1% of global foreign exchange market turnover in 2013, the 18th most-active currency, according to a Bank for International Settlements survey released in September of that year. The currency was 0.1% weaker at 11.8939 per dollar at 8:22 p.m. on Tuesday.

To access the complete Bloomberg News article hit the link below:

Banks Face Scrutiny in First Rand-Rigging Probe Since 2002

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