EU charges eight banks over alleged government bond cartel

Section:

By Alastair Macdonald
Reuters
Thursday, January 31, 2019

The European Union's antitrust authority has charged eight unnamed banks with operating a cartel in trading euro zone government bonds between 2007 and 2012, years when the financial crisis dragged down banks and countries.

The European Commission said in a statement that some traders at the banks exchanged commercially sensitive information and coordinated trading strategies on the euro-denominated bonds, mainly through online chatrooms.

... Dispatch continues below ...



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The move by the European Commission's powerful antitrust arm is the latest blow to the public image of Europe's banks, which have paid out billions of euros in fines, including for rigging interest rate benchmarks used to price home loans.

The commission said that its charges did not imply that anti-competitive conduct was a general practice in the euro zone government bond sector.

In a separate, earlier case, the commission charged Deutsche Bank, Credit Agricole, Credit Suisse, and a fourth bank in December with being part of a bond cartel, also citing traders using chatrooms. ...

... For the remainder of the report:

https://www.reuters.com/article/us-eu-antitrust-banks/eu-charges-eight-b...

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