The European Commission has fined Rabobank €26.6 million for participating in a cartel that manipulated the trading of Euro-denominated bonds, specifically SSA bonds and Government Guaranteed bonds, within the European Economic Area (EEA). The cartel operated from 2006 to 2016, involving collusion between traders at Rabobank and Deutsche Bank.

During the investigation, it was revealed that traders from both banks exchanged sensitive information and coordinated their trading strategies through various communication methods, including Bloomberg emails and online chatrooms. This coordination included sharing details about prices, trading volumes, and strategies, which allowed them to adjust their pricing and trading tactics accordingly.

Deutsche Bank, which cooperated with the Commission under the leniency programme, was granted immunity from fines, avoiding a potential penalty of nearly €156 million. In contrast, Rabobank was penalized €26.6 million based on the severity and duration of the infringement, as well as the sales value of the affected products in the EEA.

The Commission's investigation was initiated in May 2017 following Deutsche Bank's application for immunity. A Statement of Objections was issued to both banks in December 2022, outlining the competition concerns. The fines imposed contribute to the EU budget, helping to finance the Union and lessen the financial burden on taxpayers.