European Commission accuses eight banks of bond market collusion
EC can fine banks 10% of their turnover if it finds “sufficient evidence” of market rigging
The European Commission has told eight commercial banks they have broken the law by allegedly colluding when trading eurozone countries’ sovereign bonds between 2007 and 2012, it announced today (January 31).
The EC said its preliminary investigation had concluded the eight banks, which it did not name, had “participated in a collusive scheme that aimed at distorting competition when acquiring and trading European government bonds”, or EGBs. The EC is the permanent civil service of the European
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