Competition Commission of South Africa v Bank of America Merrill Lynch International Designated Activity Company and Others

The Competition Commission referred a complaint alleging that 28 local and foreign banks colluded to manipulate the USD/ZAR foreign exchange rate between approximately 2007 and 2013, in contravention of section 4(1)(b)(i) and (ii) of the Competition Act 89 of 1998. The alleged cartel conduct involved price fixing and market division through coordinated trading strategies and communications, particularly via Bloomberg chatrooms. After earlier referrals were found defective, the Competition Appeal Court in 2020 granted the Commission a final opportunity to file a fresh referral affidavit confined to a single overarching conspiracy (SOC) and addressing personal and subject matter jurisdiction. The Commission filed a new referral affidavit in June 2020. The respondent banks again raised exceptions and applications for dismissal, leading to a Competition Tribunal decision in March 2023, which in turn triggered the present appeal before the Competition Appeal Court.

The specific final order in this appeal is not fully set out in the provided judgment text; therefore the precise outcome (such as whether the appeal was upheld or dismissed and what relief was granted) cannot be conclusively determined from the excerpt.

The case is significant for South African competition law as it clarifies the requirements for pleading and proving a single overarching conspiracy, particularly in complex, cross-border cartel cases involving foreign firms. It also develops principles relating to personal and subject matter jurisdiction under the Competition Act, reinforcing limits on regulatory reach while recognising the need to address global cartel conduct with local effects.