This move by the Competition Commission allows the banks to be fined up to 10% of their annual turnover.
The Competition Commission said in its press release that it has been investigating allegations that from 2007 currency traders who were buying and selling US dollars in exchange for rand had fixed the price.
They did this allegedly by making fictitious sales to drive up demand and change prices‚ or agreeing not to trade for a period of time.
The commission said the traders also assisted each other to reach the desired prices by coordinating trading times.
It said it wanted the banks to be prosecuted and fined.
“The Commission is seeking an order from the Tribunal declaring that the respondents have contravened the Competition Act‚” it said.
