EU: RBS one of eight banks in bond cartel probe

Royal Bank of Scotland is one of eight banks being probed by European authorities for its possible role in a euro bond trading cartel, Bloomberg reported on Thursday citing a source.

The European Commission said in January it was investigating the unidentified banks for a scheme that distorted sovereign bond trading markets from 2007 to 2012.

The Commission’s powerful antitrust arm said some traders at the eight banks exchanged commercially sensitive information and coordinated trading strategies on euro-denominated bonds, mainly through online chatrooms.

However, it said the charges did not imply anti-competitive conduct was a general practice in the market.

Full Content: Bloomberg

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