Firstly, the Commission claims that from September 2007 to at least September 2013, the responding banks formed an agreement and/or coordinated their actions to engage in a unified conspiracy. The members of this conspiracy aimed to undermine competition by manipulating and exploiting normal trading conditions in the USD/ZAR currency market. The Commission contends that the banks accomplished this goal by directly and/or indirectly fixing prices related to the USD/ZAR currency pair and by dividing markets through the allocation of customers for this currency pair.
Paraphrase the text:
In the first place, the
Commission alleges that, with effect from September 2007 until at least September
2013, the respondent banks reached an agreement and/or coordinated their activities
to participate in a single overarching conspiracy. The participants of the conspiracy
pursued a single anti-competitive economic objective, namely, the manipulation and
the extortion of normal competitive conditions in the trading of the USD/ZAR
currency…’ The Commission alleged that the banks had achieved this objective
through direct and/or indirect fixing of prices in respect of the trade in the USD/ZAR
currency pair and the division of markets through the allocation of customers in the
USD/ZAR currency pair.
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