Cofece imposes fines of 35 million pesos on Barclays Bank, Deutsche Bank, Santander, Banamex, Bank of America, BBVA Bancomer, JP Morgan

For finding collusion in secondary market operations of the debt securities intermediation service, issued by the Mexican government, the Federal Economic Competition Commission (Cofece) imposed fines on seven banks for a total of 35 million 75 thousand pesos.

The banks that received the sanction were: Barclays Bank, Deutsche Bank, Santander, Banamex, Bank of America, BBVA Bancomer, J.P. Morgan, in addition to 11 individuals, who acted as traders.

This situation affected users of the markets of the Afores and the credit information market, for this reason the Commission promotes opinions for competition in the markets of fintech, Afores, ATMs, bank commissions, card payment systems, among others.

Also read: Will Cofece fine banks?

“The Commission found evidence that seven banks and 11 traders signed 142 illegal deals to sell or buy at a certain price, or not to trade or acquire certain government debt papers ”, events that took place between 2010 and 2013.

This market must be reliable and competitive, since it can impact public finances and the possibilities for saving among the investing public. It is estimated that the damage to the market, which caused by colluding, amounted to 29 million pesos, Therefore, when the previous competition law in force in those years was applied, penalty amounts much lower than those established by current legislation were established, so he was fined with a total of 35 million 75 thousand pesos those responsible.

Also read: Dollar reaches 20.05 pesos this Monday, its most expensive price in two weeks

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