A South African antitrust regulator said it found that more than a dozen international and local banks colluded to manipulate foreign-currency trades and recommended some of them be fined 10 percent of their annual turnover.

The Competition Commission identified lenders including Bank of America Merrill Lynch, JPMorgan Chase & Co., BNP Paribas SA, Credit Suisse Group AG, HSBC Holdings Plc and Nomura Holdings Inc. as having participated in price fixing and market allocation in the trading of foreign currency pairs involving the rand since at least 2007. It referred the case to an antitrust tribunal, concluding an investigation that began in 2015.

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