{"id":9118,"date":"2022-06-13T11:31:00","date_gmt":"2022-06-13T09:31:00","guid":{"rendered":"https:\/\/carteldamageclaims.com\/?p=9118"},"modified":"2022-06-20T12:08:45","modified_gmt":"2022-06-20T10:08:45","slug":"seven-banks-involved-in-european-government-bonds-trading-cartel-during-financial-crisis","status":"publish","type":"post","link":"https:\/\/carteldamageclaims.com\/es\/2022\/06\/13\/seven-banks-involved-in-european-government-bonds-trading-cartel-during-financial-crisis\/","title":{"rendered":"Seven banks involved in European Government Bonds trading cartel during financial crisis"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"9118\" class=\"elementor elementor-9118\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8fce3a0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8fce3a0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b5de1ca\" data-id=\"b5de1ca\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e9a995e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e9a995e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-inner-column elementor-element elementor-element-660760a\" data-id=\"660760a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6d4c7f3 elementor-widget elementor-widget-text-editor\" data-id=\"6d4c7f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>On 20 May 2021, the Commission found that Bank of America, Natixis, Nomura, RBS (now NatWest), UBS, UniCredit, and WestLB (now Portigon) participated in a cartel in the primary and secondary markets for European Government Bonds (EGB). The collusive behaviour lasted from 2007 to 2011, amidst a financial crisis and affected the European Economic Area in its entirety.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73618e2 elementor-widget elementor-widget-heading\" data-id=\"73618e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-xl\"><b>Seven banks involved in European Government Bonds trading cartel during financial crisis<\/b><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79a4568 elementor-widget elementor-widget-spacer\" data-id=\"79a4568\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f9899c elementor-widget elementor-widget-text-editor\" data-id=\"6f9899c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Nomura, UBS, and UniCredit were fined for EUR 371 million. NatWest, as the whistle-blower, was not fined, while infringements by Bank of America and Natixis fell outside the limitation period. Portigon received no fines as it did not generate any net turnover in the last available business year preceding the decision.<\/p><p>EGB are sovereign bonds issued by the central governments of the Eurozone member states and are used to raise funds in international financial markets. They are issued on the primary market, where a limited number of investment banks (\u201cprimary dealers\u201d) can bid for the bonds in auctions or acquire them through syndication (a private placement process). The primary dealers can then trade EGB on the secondary market, either with each other or with other investors, such as asset managers, pension funds, hedge funds, and major companies.<\/p><p>Typically, large investment banks trade EGB within their EGB desk. The Commission found that the seven banks participated in a cartel through a group of traders working within the EGB desks. EGB traders were in regular contact in multilateral chatrooms on Bloomberg terminals, where their communications showed the following, intertwined and partially overlapping, conduct:<\/p><ol><li>attempts to influence the prevailing market price on the secondary market in the function of the conduct on the primary market\u2014namely, traders exchanged information and attempted to coordinate their price strategies for driving the market price of an EGB;<\/li><li>attempts to coordinate the bidding on the primary market;<\/li><li>attempts to coordinate the level of overbidding on the primary market by disclosing information on the premium that traders intended to pay at an auction; and<\/li><li>other exchanges of sensitive information.<\/li><\/ol><p>EGB\u2019s total market size is large. Based on data from the European Central Bank Securities Statistics, also cited by the EC Decision, the outstanding notional value of EGB in the primary market was EUR 4.4 trillion at the start of the infringement period, and increased to EUR 6.3 trillion by the end of the infringement period.<\/p><p>Individuals or companies affected by the anti-competitive behaviour have the right to seek damages from nation courts of EU member states.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-9764163\" data-id=\"9764163\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8e27616 elementor-widget elementor-widget-heading\" data-id=\"8e27616\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-medium\">Your contacts:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b70798 elementor-widget elementor-widget-image\" data-id=\"8b70798\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#cdc-mail-contact\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/carteldamageclaims.com\/wp-content\/uploads\/2020\/12\/Akos-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail wp-image-1862\" alt=\"Meet the Team of experts - Photo of Akos Reger, person in business suit, smiling, male, gallantly, crossed arms\" srcset=\"https:\/\/carteldamageclaims.com\/wp-content\/uploads\/2020\/12\/Akos-150x150.jpg 150w, https:\/\/carteldamageclaims.com\/wp-content\/uploads\/2020\/12\/Akos-510x510.jpg 510w, https:\/\/carteldamageclaims.com\/wp-content\/uploads\/2020\/12\/Akos-200x200.jpg 200w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Akos Reger<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8e6a150 elementor-widget elementor-widget-image\" data-id=\"8e6a150\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#cdc-mail-contact\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/carteldamageclaims.com\/wp-content\/uploads\/2020\/07\/Jakob-Rueggeberg-Cartel-Damage-Claims-cdc-150x150.png\" class=\"attachment-thumbnail size-thumbnail wp-image-203\" alt=\"Meet the Team of experts - Photo of Jakob R\u00fcggeberg, person in business suit, glasses, smiling, male, gallantly, standing upright\" srcset=\"https:\/\/carteldamageclaims.com\/wp-content\/uploads\/2020\/07\/Jakob-Rueggeberg-Cartel-Damage-Claims-cdc-150x150.png 150w, https:\/\/carteldamageclaims.com\/wp-content\/uploads\/2020\/07\/Jakob-Rueggeberg-Cartel-Damage-Claims-cdc-200x200.png 200w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Jakob R\u00fcggeberg<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>On 20 May 2021, the Commission found that Bank of America, Natixis, Nomura, RBS (now NatWest), UBS, UniCredit, and WestLB (now Portigon) participated in a cartel in the primary and secondary markets for European Government Bonds (EGB). The collusive behaviour lasted from 2007 to 2011, amidst a financial crisis and affected the European Economic Area [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":9123,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[75],"tags":[],"coauthors":[],"class_list":["post-9118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-_spotlight"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Seven banks involved in European Government Bonds trading cartel during financial crisis - CDC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carteldamageclaims.com\/es\/2022\/06\/13\/seven-banks-involved-in-european-government-bonds-trading-cartel-during-financial-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seven banks involved in European Government Bonds trading cartel during financial crisis - CDC\" \/>\n<meta property=\"og:description\" content=\"On 20 May 2021, the Commission found that Bank of America, Natixis, Nomura, RBS (now NatWest), UBS, UniCredit, and WestLB (now Portigon) participated in a cartel in the primary and secondary markets for European Government Bonds (EGB). The collusive behaviour lasted from 2007 to 2011, amidst a financial crisis and affected the European Economic Area [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/carteldamageclaims.com\/es\/2022\/06\/13\/seven-banks-involved-in-european-government-bonds-trading-cartel-during-financial-crisis\/\" \/>\n<meta property=\"og:site_name\" content=\"CDC\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-13T09:31:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-20T10:08:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/carteldamageclaims.com\/wp-content\/uploads\/2022\/06\/financial-markets.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1685\" \/>\n\t<meta property=\"og:image:height\" content=\"1124\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Akos Reger\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Akos Reger\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/carteldamageclaims.com\\\/2022\\\/06\\\/13\\\/seven-banks-involved-in-european-government-bonds-trading-cartel-during-financial-crisis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/carteldamageclaims.com\\\/2022\\\/06\\\/13\\\/seven-banks-involved-in-european-government-bonds-trading-cartel-during-financial-crisis\\\/\"},\"author\":{\"name\":\"Akos Reger\",\"@id\":\"https:\\\/\\\/carteldamageclaims.com\\\/#\\\/schema\\\/person\\\/5b0ea64adb3384d4a9ab6974d538a7c9\"},\"headline\":\"Seven banks involved in European Government Bonds trading cartel during financial crisis\",\"datePublished\":\"2022-06-13T09:31:00+00:00\",\"dateModified\":\"2022-06-20T10:08:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/carteldamageclaims.com\\\/2022\\\/06\\\/13\\\/seven-banks-involved-in-european-government-bonds-trading-cartel-during-financial-crisis\\\/\"},\"wordCount\":431,\"publisher\":{\"@id\":\"https:\\\/\\\/carteldamageclaims.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/carteldamageclaims.com\\\/2022\\\/06\\\/13\\\/seven-banks-involved-in-european-government-bonds-trading-cartel-during-financial-crisis\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/carteldamageclaims.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/financial-markets.jpg\",\"articleSection\":[\"_spotlight\"],\"inLanguage\":\"es-ES\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/carteldamageclaims.com\\\/2022\\\/06\\\/13\\\/seven-banks-involved-in-european-government-bonds-trading-cartel-during-financial-crisis\\\/\",\"url\":\"https:\\\/\\\/carteldamageclaims.com\\\/2022\\\/06\\\/13\\\/seven-banks-involved-in-european-government-bonds-trading-cartel-during-financial-crisis\\\/\",\"name\":\"Seven banks involved in European Government Bonds trading cartel during financial crisis - 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