They found evidence that indeed some traders and banks had manipulated the rand, and some banks owned up and settled. Standard Chartered admitted liability to the manipulation of the USD/ZAR currency pair, and agreed to pay an administrative penalty of R42.7 million. And while it has been widely acknowledged and backed up by the CAC ruling that the Competition Commission went too far in the rand manipulation ramifications to the economy, it is irrefutable that instances of rand manipulation took place by traders working for banks.