By Ian Walker

Deutsche Bank has avoided a 156 million Euro ($170.2 million) fine from European Union authorities after revealing its part in a Euro-bond trading cartel with Rabobank.

The European Commission--the EU's executive arm and its antitrust enforcer--said that the German bank wasn't fined under its leniency program for informing them of the cartel's existence.

However, Rabobank has been fined EUR26.6 million for its part in the cartel, the Commission said.

The Commission said that between 2006 and 2016 the two banks, through some of their traders, exchanged commercially sensitive information and coordinated their trading and pricing strategies.

Under the European Commission's leniency program, a participant in a cartel can avoid a fine, or get a large discount, for disclosing being part of one, and co-operating in an investigation.

Neither Deutsche Bank or Rabobank immediately responded when approached by Dow Jones Newswires for comment.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

November 22, 2023 06:46 ET (11:46 GMT)

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