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EU: Four banks charged with alleged bond trading cartel

By  |  January 2, 2019

Deutsche Bank, Credit Agricole, Credit Suisse, and another bank have been charged by European Union antitrust regulators for being in a bond trading cartel.

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    It was the latest blow to the reputation and public image of the banking sector in Europe, which has faced billions of euros in fines for rigging interest rate benchmarks.

    The European Commission did not name the banks it had charged. However, it stated its investigation focused on the conduct of certain traders at four banks and contact between them, largely through online chatrooms.

    Following its statement, Deutsche Bank and Credit Suisse announced they were cooperating with the probe.

    If found guilty of breaching EU antitrust rules, the banks could face fines up to 10% of their global turnover, although Deutsche Bank stated it had proactively cooperated with the investigation and did not expect a financial penalty.

    Full Content: FN London

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