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South Africa Plans to Tighten Up Regulation of Financial Markets, after a Top Bank Admitted to Rand-rigging

Legislation will be introduced next year to widen oversight of trading in over-the-counter derivatives and foreign currency, the National Treasury said on Friday. “Reforms already undertaken since the Standard Chartered misconduct between 2007 and 2013, as well as the additional reforms proposed, demonstrate government’s commitment to fair, transparent, and efficient financial markets,” it said in a statement. Standard Chartered Bank agreed this month to pay a $2.35 million penalty to settle a multiyear probe by South African antitrust regulators focused on the lender’s participation in an alleged cartel to manipulate the value of the rand.

DAILY MAVERICK