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Dutch Rabobank fined over €26 million for participating in cartel
(www.euronews.com)
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this post was submitted on 23 Nov 2023
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This is the best summary I could come up with:
The European Commission has slapped the Netherlands' Rabobank with a fine worth tens of millions of euros for its decade-long involvement in a cartel with Deutsche Bank concerning the trading of certain euro-denominated bonds.
Dutch bank Rabobank is facing a €26.6 million fine from EU antitrust regulators for its involvement in a decade-long euro-denominated bonds trading cartel.
The development is part of a broader trend where banks worldwide have been fined billions of euros by antitrust enforcers in recent years for manipulating crucial financial benchmarks and currencies.
The European Commission detailed that Rabobank, along with Germany's Deutsche Bank, participated in exchanging commercially sensitive information and coordinating trading and pricing strategies.
Deutsche Bank managed to avoid a fine of almost €156 million by alerting the European Union's competition watchdog to the cartel, triggering an investigation in 2017.
The fines were determined based on the Commission's 2006 Guidelines, taking into account the value of sales, the serious nature of the infringement, its geographic scope, and duration.
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