Currency traders accused of colluding to rig the pricing of South Africa’s rand, had a name for their group: ZAR Domination.
Bloomberg News reports that’s according to South Africa’s Competition Commission, which on May 19 announced an investigation into 11 companies for allegedly fixing rand prices. ZAR is the currency’s international code.
'The alleged cartelists called themselves ZAR Domination', commission spokesman Mava Scott said by phone on Friday. 'They used chatrooms that they normally use when they do their currency trades'.
South Africa’s investigation follows similar probes by regulators in the U.S. and U.K., which have resulted in billions of dollars of fines for some of the world’s biggest banks. JPMorgan, BNP Paribas, Citigroup, Barclays Africa Group, Standard Bank Group and Investec are among the banks facing investigation by the commission.
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