#Antitrust - Commission sends Statement of Objections in European government bonds cartel

The European Commission has informed eight banks of its preliminary view that they have breached EU antitrust rules by colluding, in periods from 2007 to 2012, to distort competition when acquiring and trading European government bonds.

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 (EGBs). 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. EGBs are sovereign bonds issued in Euro by the central governments of the eurozone member states.

If the Commission's preliminary view were confirmed, such behaviour would violate EU rules that prohibit anti-competitive business practices such as collusion on prices (Article 101 of the Treaty on the Functioning of the European Union and Article 53 of the EEA Agreement). The Commission's investigation relates to certain traders at eight banks and does not imply that the alleged anti-competitive conduct was a general practice in the EGBs sector.  The sending of a Statement of Objections does not prejudge the outcome of an investigation.

The full press release is available online in EN, FR, DE.

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