N approached South African competition regulator with information relating to the alleged rigging of the rand currency's exchange rate, two sources with direct knowledge of the matter said on Friday. Barclays reiterated on Friday a statement made earlier in the week in which it said it was cooperating with regulators, while Citigroup, which has also said it is working with regulators, was not immediately available for comment.
Barclays and Citigroup were not included in the list of banks that the Commission recommended should be fined, but it did name them as members of the alleged rigging group. The Commission was not seeking any penalty against Citigroup, Barclays or Barclays Africa because of the information they supplied was enough to refer the matter to Tribunal for prosecution, another source said.
The information the banks provided, which the sources did not detail, would be examined by the Competition Tribunal. The other banks and brokerages named in the case were, Nomura L said on Friday the case against it related to the conduct of just one trader. Rates may differ due to changing market conditions and the amount of transaction.
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Forex for me. For Me. For My Business. For Corporates. Private Banking. Careers at FNB. What would you like to do? Start new application. Retrieve existing application. Please select. And whilst this evolution might have been forced in part by coronavirus, these changes have been building up for some time.
Commodities are one of the last assets to embrace electronic trading; FX was the first to take the plunge in the 90s, and since then equities and bonds have integrated technology into their infrastructure, which has steadily become more advanced. The slow uptake in commodities can be explained by several truths: the volumes are smaller and there is less liquidity, and the instruments are generally less exotic, essentially meaning it has not been essential for them to develop such technology — at least not until now.
This means that, for the most part, the technology in commodities trading is a bit outdated. But that is changing. Commodities trading is on the cusp of taking steps towards the levels of sophistication in trading as we see in other asset classes, with automated and algo trading becoming ever prominent.
Yet, as commodities trading institutions are upgrading their systems, they will be beginning to discover the extent of the job at hand. It requires a massive technology overhaul, and exchanges and trading firms alike must be cautious in the way they proceed, carefully establishing a holistic, step-by-step implementation strategy, preferably with an agile, V-model approach. The workflow needs to be upgraded at every stage to ensure a smooth end-to-end trading experience.
So, in replacement of the infamous ring, these players will be looking to transform key elements of their trading infrastructure, including re-engineering of matching engines and improving communications with clearing houses. However, these changes extend beyond technology. For commodities players to make a success of the transformation in their community, exchanges need to have highly skilled technology and change the very culture of trading.
All of which is currently being done against a backdrop of lockdown, which makes things much more difficult and can slow down implementation. What is clear is that coronavirus has definitely acted as a catalyst for a reformation in commodities. It is a foreshadowing of what lies ahead for commodities trading infrastructure because, a few years down the line, commodities trading could well be very different to how it is now, and the trading ring consigned to history.
The AACI is a trade-weighted index designed to track the price performance of 13 different commodities of interest to Africa and the Bank on a quarterly basis. In comparison, the agricultural commodities sub-index rose to become the top performer in the quarter, outstripping gains in base and precious metals. The recurrence of adverse commodity terms of trade shocks has been the bane of African economies, and in tracking the movements in commodity prices the AACI highlights areas requiring pre-emptive measures by the Bank, its key stakeholders and policymakers in its member countries, as well as global institutions interested in the African market, to effectively mitigate risks associated with commodity price volatility.
Regarding the outlook for commodity prices, the AACI highlights the generally conservative market sentiment with consensus forecasts predicting prices to stay within a tight range in the near term with the exception of Crude oil, Coffee, Crude Palm Oil, Cobalt and Sugar. The pandemic has exposed global demand shifts that have seen the oil industry incur backlogs and agricultural commodity prices dwindle in the first half of the year.
The outlook for is positive however conservative the markets still are. We hope to see an increase in global demand within Q1 and Q2 — buoyed by the relaxation of most COVID disruptions and restrictions. Why do tax administrations choose to go digital? By Rupert Thompson, Chief Investment Officer at Kingswood The equity market rally paused last week with global equities little changed This new Retailers must invest heavily in their online presence and fight hard to remain competitive as a second lockdown stirs greater Necessary cookies are absolutely essential for the website to function properly.
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