Trade manipulation reflects on market domination with lack of transformation

Experts say the case of currency trade manipulation involving some banks will strengthen government's measures against market domination and lack of transformation in the sector.

President Jacob Zuma in his State of the Nation Address few days ago announced that the department of economic development would seek to amend the Competition Act part of transformation.

The country's five major banks are led mainly by white executives.

The case of currency manipulation by some banks is set to intensify government's stance on 'radical socioeconomic transformation.

This is amid credibility questions levelled against some banks following collusive behaviour involving currency manipulation.

Meanwhile Bloomberg News has reported that Barclays and Citigroup have offered to divulge all information required transformation by the Competition Commission on the case in exchange for leniency.

 

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