PRETORIA, June 8 (Reuters) - South Africa's competitionwatchdog may impose some of its highest fines after itsinvestigation on the suspected currency-rigging global and localbanks, its head said on Monday.
The Competition Commission has accused dealers at banks ofcolluding by using an instant messaging chat room called "ZARDomination", to coordinate their trading activities when givingquotes to customers who buy or sell currencies. ZAR is the SouthAfrican currency code used in financial markets.
"It's a big investigation involving massive amounts ofturnover and if you just have a look at our guidelines, youcan't escape the conclusion that these are going to be fairlysignificant fines," head of the Commission, Tembinkosi Bonakele,told Reuters in an interview. (Reporting by Tiisetso Motsoeneng; Editing by James Macharia)