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CompCom pulls BofA and Standard New York into forex case

Identifies person responsible for representing Bank of America in ‘collusive practices’.

In a supplementary affidavit circulated on Tuesday, the Competition Commission (CompCom) formally included as respondents in the ongoing foreign exchange collusion investigation Bank of America and Standard (Bank) New York.

“Bank of America also engaged in collusive posting of fictitious bids and offers in the Reuters trading platform and dealer-owned platforms to manipulate prices of bids and offers up or down depending on the level the aforesaid respondents and/or their representatives desired to maximise their profits or to avoid losses,” the CompCom said in its supplementary affidavit dated March 31. 

The commission identified Gavin Cook as the person responsible for representing Bank of America in these “collusive practices”.

The affidavit also stated that Standard New York (a subsidiary of Standard Bank) “also engaged in agreement to coordinate trading by pulling and holding trading activities on the Reuters platform”.

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Follow the example set by the Americans in cases like these. Send a recce team over to New York and arrest the CEO and board of BOFA and lock them up in a chicken coop at Pollsmoor Prison. This will five us something to talk about – this Zuma news is sooooo boring!

And our “team” can have a nice little “jolly” at tax-payers’ expense while they are over there.

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