Bar­clays Africa apol­o­gises for rand-fix­ing role

CityPress - - Business And Tenders -

Bar­clays Africa apol­o­gised for its role in a rand-fix­ing af­fair in­volv­ing more than a dozen banks, say­ing that it alerted reg­u­la­tors about the prac­tice af­ter sus­pend­ing two traders.

“We deeply re­gret that this con­duct took place within our or­gan­i­sa­tion,” Bar­clays Africa CEO Maria Ramos said on a con­fer­ence call, with­out iden­ti­fy­ing the em­ploy­ees.

“Those who con­tra­vened our rules will be held ac­count­able.”

South Africa’s an­titrust in­ves­ti­ga­tors listed more than a dozen banks, in­clud­ing Bar­clays Africa, in a probe ear­lier this month and named more than 30 traders for price-fix­ing and mar­ket al­lo­ca­tion in the trad­ing of for­eign cur­rency pairs in­volv­ing the rand.

– Bloomberg

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