The tracks lead into a chat room. Dealer of four big banks are expected to have taken virtually, the prices of certain government bonds and securities of state discuss middle agencies such as the European investment Bank.
the investigation into The case, run for almost three years. Yesterday, the antitrust authority informed the European Commission that you, specifically, four in particular-called big banks suspect that some of your dealers in illegal price would have made arrangements in the trading of these bonds. The investigators will examine the period from 2009 to 2015.
Credit Suisse , the Deutsche Bank and the French Bank Crédit Agricole said to be part of the investigation. The fourth Bank may be the Bank of America. This was agreed in the case of the Deutsche Bank in August 2017 with the U.S. Department of justice to pay a fine of 65.5 million dollars.
Credit Suisse pleads her innocence. “We do not believe that employees of Credit Suisse have been in breach of competition rules, and hope to be able to the concerns of the EU Commission to dispel,” said the Bank. According to financial circles, it will go at Credit Suisse in this case, a bond trader who left the Bank in 2016.
The German Bank said it expected in the case of a buses: The big Bank has been granted immunity, because she serves as a key witness. UBS is not affected, according to reports from the investigation.
the EU antitrust guardians to the conclusion that there was illegal collusion, it can impose, the authority, in extreme cases, a fine of up to 10 percent of annual turnover.
In the case of the current investigation it comes to the market of securities of state-controlled debtor, such as, for example, the German promotional Bank KfW, the world Bank, or bonds issued by German Federal States. Experts estimate the volume of these papers on the equivalent of 1.5 trillion francs. The margins in the trading of these papers are very deep – on the buyer side, only a limited number of large investors. Agreements could therefore be worthwhile. In addition to the EU’s antitrust authority, the British financial supervision
Similarities with the Libor case
After the financial crisis, a whole series of cartel agreements came to light. So traders from big banks such as Deutsche Bank or UBS, have manipulated for years, the reference interest rates Libor and Euribor. Of these reference interest rates, the prices of Thousands of banking products, are derived from the mortgage in Switzerland up to a large credit in the United States. Because of this interest rate manipulation, ten banks had to pay for buses of more than 6 billion dollars.
in 2013, had condemned the EU Commission in that case, six big banks to the penalties of a total of 1.7 billion euros. At the time, UBS, and Barclays got away Scot-free, because both banks had placed the arrangements in the open. The UBS so avoided fines of 2.5 billion euros. Also at the time the arrangements took place in online chats. (Editorial Tamedia)
Created: 21.12.2018, 08:12 PM
