# The Competition Tribunal’s senior legal counsel Tembeka Ngcukaitobi outlined five key strategies allegedly used by banks to manipulate the rand. These include coordinating trades, withholding or reversing trades, influencing the 4 pm currency fix, placing fake bids, and sharing sensitive market information. Ngcukaitobi argued these actions breached the Competition Act, amounting to market division and anti-competitive conduct. He argued in the Constitutional Court that the conduct shows systematic collusion among local banks:
Competition Tribunal legal counsel details alleged rand manipulation strategies [SOUND]
ENG- NgcukaitobiOnTrading