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UK-based financial services firm Standard Chartered pleaded guilty to manipulating the rand between 2007 and 2013.
Standard charter traders resorted to various illegal tactics to maximize their profits.
The show of moneyS Bruce Whitfield interviewed Stuart Theobald, Financial Analyst and Chairman of Intellidex Board.
(For more details, click here to read "Standard Chartered Pleads Guilty of Currency Handling".)
Listen to the interview in the audio below (and scroll through the quotes).
That does not seem to be a big step forward for me … It does not help the competition authorities in South Africa …
– Stuart Theobald, President – Intellidex
It is not at all obvious that one of these activities took place in South Africa … it is relevant [to local competition authorities] if it had an economic effect in South Africa …
– Stuart Theobald, President – Intellidex
It may be that for a few seconds, the exchange rate has evolved by a few basis points … Even the largest banks are small fish in this market …
– Stuart Theobald, President – Intellidex
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