Major banks still facing prosecution for rand manipulation in South Africa

• The seven major banks facing prosecution are BNP Paribas, JPMorgan Chase, JPMorgan Bank, HSBC Bank plc, Standard Americas, Investec Bank, and Investec Limited.
• The case dates back to 2015, when the Competition Commission initiated a complaint against the banks alleging cartel behavior in manipulating the US dollar/rand exchange rate between 2007 and at least September 2013.
• The prosecution will be assisted by five other banking groups that settled with the Commission or applied for leniency, including Citibank NA, Standard Chartered Bank, Barclays Plc, Barclays Capital, and Absa Bank Limited.