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The period in question was, according to the European Commission, “a time of intense activity in Eurozone government bonds” as many of the 19 governments who use the common currency had difficulties servicing their debt.
The EU executive found that some traders at the banks exchanged commercially sensitive information and coordinated trading strategies on euro-denominated bonds, mainly through online chat rooms. Brussels’ concern is that at different periods between 2007 and 2012, the eight banks took part in a “collusive scheme” that focused on distorting competition when acquiring and trading such bonds.
If these preliminary findings, the European Commission that this would violate the EU’s laws on behalf of the eight banks, while at the same time prohibit anticompetition business practices, including collusion when it came to setting prices. The EU executive was, however, quick to point out that the sending of a Statement of Objections” does not prejudge the outcome of an investigation”.
At this point, there is no legal deadline for the Commission to complete antitrust inquiries into anticompetitive conduct as the duration of these investigations depends on the complexity of the case, the extent of the cooperation of the entities with the Commission through their written replies, and the exercise of the right of defence on behalf of the entities involved.