Barclays Africa apologises for rand-fixing role
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.