Audio By Carbonatix
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.
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.
If found guilty of breaching EU antitrust rules, the banks could face fines up to 10 percent of their global turnover.
The EU’s executive has imposed hefty fines in the past, including a record $5 billion penalty on Google for competition abuse last year.
In 2013, the authority imposed a 1.5 billion euro penalty on banks, who were involved in cartels on financial derivatives.
“The Commission has concerns that, at different periods between 2007 and 2012, the eight banks participated in a collusive scheme that aimed at distorting competition when acquiring and trading European government bonds,” it said.
“Traders employed by the banks exchanged commercially sensitive information and coordinated on trading strategies. These contacts would have taken place mainly - but not exclusively - through online chatrooms.”
Latest Stories
-
The Traffitech-GH SMS spot-fine system: The good, the sad, and the funny – Bright Simons writes
7 minutes -
Hawa Koomson pledges experienced and mature leadership of NPP women’s wing
1 hour -
Young woman found dead at Kasoa Peace Town
2 hours -
Playback: The Law examined lawful arrest in Ghana
2 hours -
Mahama urges African governments to treat healthcare as an investment, not budget cost
3 hours -
Bawumia congratulates John Boadu and new NPP executives, pledges support ahead of 2028
3 hours -
‘No talent should be left out’ – Bawumia pledges inclusive NPP campaign for 2028
3 hours -
Prof. Mike Oquaye recounts how he blocked the Special Prosecutor’s attempt to arrest Bawku Central MP
3 hours -
Make health sovereignty a priority for Africa – Mahama
3 hours -
Dorimon Naa, Wa West DCE lead massive clean-up exercise; threaten sanctions against recalcitrant residents
4 hours -
Photos from Adom FM Y2K Jam
4 hours -
Praye Tiatia steals the show at Adom FM Y2K Jam [Watch]
4 hours -
Boakye Agyarko congratulates John Boadu, pledges support for NPP leadership
4 hours -
Antwi HiMight thrills fans with Antwi ne Antwi hits at Adom FM’s Y2K Jam [Video]
4 hours -
Amb. Edward Boateng congratulates Boadu, Kodua on election wins
5 hours