Reuters reports that the EU antitrust regulator has accused Deutsche Bank and Rabobank of participating in a cartel in the government bond market.

According to the watchdog, the two banks coordinated prices and trading strategies on sovereign, government-backed, and government-guaranteed Eurobonds between 2005 and 2016.

The European Commission has sent both banks a corresponding indictment. The regulator can fine the companies up to 10% of their global turnover for violating antitrust laws. Before the European Commission decides, the banks can defend themselves in closed hearings and writing. In recent years, the European Commission has fined more than a dozen banks millions of euros for falsifying benchmark indices and participating in cartels.