Crédit Agricole: confirms communication of EU complaint
(CercleFinance.com) - The European Commission has informed four banks of its preliminary finding that they breached EU competition rules by collusion, during different periods between 2009 and 2015, to distort competition in secondary market trading in the EEA of supra-sovereign, sovereign and agency (SSA) bonds denominated in US dollars.
The Commission is concerned that in different periods between 2009 and 2015, the four banks exchanged commercially sensitive information and coordinated their prices for supra-sovereign, sovereign and agency bonds denominated in US dollars.
Crédit Agricole SA and Crédit Agricole CIB confirm that they have received a statement of objections from the European Commission regarding its investigation into a possible infringement of competition law on the secondary market of SSA bonds (Supranational, Sub-Sovereign and Agencies) denominated in US dollars.
Crédit Agricole SA and Crédit Agricole CIB say that they acknowledge this and will answer in due course. The Crédit Agricole stock closed down 4% on Thursday.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The Commission is concerned that in different periods between 2009 and 2015, the four banks exchanged commercially sensitive information and coordinated their prices for supra-sovereign, sovereign and agency bonds denominated in US dollars.
Crédit Agricole SA and Crédit Agricole CIB confirm that they have received a statement of objections from the European Commission regarding its investigation into a possible infringement of competition law on the secondary market of SSA bonds (Supranational, Sub-Sovereign and Agencies) denominated in US dollars.
Crédit Agricole SA and Crédit Agricole CIB say that they acknowledge this and will answer in due course. The Crédit Agricole stock closed down 4% on Thursday.
Copyright (c) 2018 CercleFinance.com. All rights reserved.