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British bank Standard Chartered illegally tried to manipulate the rand

702 logo702 2019-02-05 Kabous le Roux
a close up of a tree: pixabay.com, 2019 © Provided by KFM Radio a Division of Primedia Pty Ltd pixabay.com, 2019

British financial services company Standard Chartered has pleaded guilty to manipulating the rand between 2007 and 2013.

Standard Chartered traders used a range of illegal tactics to maximise profits.

The Money Show’s Bruce Whitfield interviewed Stuart Theobald, a Financial Analyst and Chairperson at Intellidex.

Tool: Currency converter 

(For more detail click here to read "Standard Chartered pleads guilty to currency manipulation".)

Listen to the interview in the audio below (and scroll down for quotes from it).

  • It doesn’t look like a big breakthrough to me… It doesn’t help the competition authorities in South Africa… — Stuart Theobald, Chairperson - Intellidex

  • It’s not at all clear that any of this activity happened in South Africa… it’s relevant [to local competition authorities] if it had an economic effect in South Africa… — Stuart Theobald, Chairperson - Intellidex

  • It might have been the case that for a few seconds the exchange rate might have moved by a few basis points… Even the biggest banks are small fish in that market place… — Stuart Theobald, Chairperson - Intellidex

Slideshow: The world's most counterfeited currencies (Provided by lovemoney) 

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