Rabobank and Deutsche Bank have violated European competition rules with secret agreements on the trade in government bonds, the European Commission believes. If further investigation confirms this, the two banks face high fines.
Between 2005 and 2016, the Dutch and German banks exchanged market-sensitive information about government bonds and coordinated their prices and trading strategies, the committee believes. Traders of both banks are said to have maintained contact via e-mails and in chat rooms.
The banks initially asked the commission for a settlement, but because that did not work, the executive board of the EU is now continuing the criminal proceedings.
Watch our videos about the economy here:
Free unlimited access to Showbytes? Which can!
Log in or create an account and don’t miss a thing of the stars.