Examining the Constitutional Court’s key argument on whether banks coordinated a transnational conspiracy to manipulate the rand, supported by trader communications and prior convictions. 

The best of POWER Talk
11/09/2025 45 min
Examining the Constitutional Court’s key argument on whether banks coordinated a transnational conspiracy to manipulate the rand, supported by trader communications and prior convictions. 

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Episode Synopsis

The rand manipulation case centers on allegations that between 2007 and 2013, 28 local and international banks colluded to manipulate the USD/ZAR exchange rate. The Competition Commission of South Africa launched the investigation after receiving a tip-off in 2015. The Commission alleges that traders from banks including Standard Bank, FirstRand, Nedbank, Investec, BNP Paribas, JPMorgan Chase, HSBC, Credit Suisse, Citibank, Barclays Africa, and Standard Chartered conspired through secret chatrooms on Bloomberg terminals. Mbuyiseni Ndlozi is in conversation with author of Steinheist and former editor of Financial Mail, Rob Rose and Independent Bank Analyst, Nolwandle Mthombeni. See omnystudio.com/listener for privacy information.

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