PARIS (dpa-AFX) - Crédit Agricole SA and Crédit Agricole CIB confirmed Thursday that they have received a statement of objections from the European Commission as part of its investigation into a suspected violation of antitrust rules on secondary market trading in Supranational, Sub-Sovereign and Agency or SSA bonds denominated in US dollars.
Crédit Agricole SA and Crédit Agricole CIB noted that they will take note of contents of the statement and issue a response.
Earlier today, European Commission said it has informed four banks of its preliminary view that they have breached EU antitrust rules by colluding, in periods from 2009 to 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 said it has concerns that at different periods between 2009 and 2015, the four banks exchanged commercially sensitive information and coordinated on prices concerning US dollar denominated supra-sovereign, sovereign and agency bonds, known as 'SSA bonds'. These contacts would have taken place mainly through online chatrooms.
The Commission's investigation relates to conduct by certain traders at the four banks and does not imply that the alleged anti-competitive conduct was a general practice amongst SSA bond traders.
Copyright RTT News/dpa-AFX