February 15, 2017 / 2:41 PM / 7 months ago

South Africa watchdog seeks penalty against banks for FX rigging

JOHANNESBURG, Feb 15 (Reuters) - South Africa’s competition watchdog has recommended a fine equal to 10 percent of annual turnover for several banks, including Citigroup, Nomura and Standard Bank, for rigging the rand currency, it said on Wednesday.

The Competition Commission said it had concluded an investigation into whether banks colluded by using an instant messaging chat room called “ZAR Domination”, to coordinate their trading activities when giving quotes to customers who buy or sell currencies.

ZAR is the code for the South African rand used in financial markets.

The Commission said it has now referred the case to tribunal for prosecution. (Reporting by Tiisetso Motsoeneng; Editing by Susan Fenton)

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