UK-based banking multinational Standard Chartered Bank (SCB) has agreed to settle with the Competition Commission for R42.7 million associated with the rand/dollar manipulation scandal that was exposed in 2017. Standard Chartered was one of the 28 banks who were prosecuted by the commission for manipulating the rand/dollar currency pair between 2003 and 2013. The bank has admitted liability in the case. According to the commission, Standard Charterd participated in the manipulation of USD/ZAR currency pair by fixing bids; offers; bid-offer spreads; the spot exchange rate; and the exchange rate at the FIX. Director and Currency Risk Strategist at TreasuryOne Andre Cilliers joins Lerato Mbele for the conversation.