Italy’s biggest lender UniCredit announced it is among a group of banks accused of running a cartel in trading eurozone government bonds between 2007 and 2012, reported Reuters.
UniCredit made the disclosure on Wednesday night, April 10, at the request of Italy’s market watchdog, more than two months after the European Commission revealed that some traders at eight unnamed banks had exchanged commercially sensitive information and coordinated trading strategies in euro-denominated bonds.
UniCredit stated the Commission suspected some of its subsidiaries had violated antitrust rules and that it might be hit by a cash fine, though it deemed this unlikely. EU rules allow for a fine of up to 10% of global turnover.
Full Content: Reuters
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