summarise:

Question

Australia and New Zealand Banking Group Limited (the fifth respondent)
[94] It is common cause that the fifth respondent is a peregrinus. For this reason,
both personal and subject matters jurisdiction must be shown to exist. In evaluating
the case against the fifth respondent it is again important to emphasize that the
Commission alleges that ‘from September 2007 until at least September 2013’ the
respondents reached an agreement and/or coordinated activities to participate in a
single overarching conspiracy with a single anti-competitive object, being the
manipulation and distortion of normal competitive conditions in the trading of
USD/ZAR pair.’ In respect of the fifth respondent the Commission identifies Jason
Katz as the trader employed by the fifth respondent from 2013 as well as a Mr Tezel.
[95] There is no doubt that Katz is a central player in the case brought by the
Commission. The difficulty however is that every instance of participation in the
impugned conduct alleged to have been carried on by Mr Katz predates 2013, the year
in which he joined fifth respondent from another bank.
[96] The only reference to Tezel in the referral affidavit is the following:
‘On 18 October 2012 Katz, Aiyer, Williams and Cummins were participants in an
implicated chatroom in which the following communication took place: Katz and Aiyer
matched each other’s opposite FIX positions in order to off-set their respective

Answer 1

The fifth respondent, Australia and New Zealand Banking Group Limited, is identified as a peregrinus, meaning both personal and subject matter jurisdiction must be established in the case against it. The Commission alleges that from September 2007 to at least September 2013, the respondents engaged in a conspiracy to manipulate the trading conditions of the USD/ZAR currency pair. Jason Katz, who joined the fifth respondent in 2013, is a key figure in the case, although all alleged misconduct involving him occurred before his employment with the bank. The only reference to another implicated trader, Mr. Tezel, relates to an incident in October 2012 involving Katz and others in a chatroom coordinating trading positions.