News Analysis: News in debt

Investigations are still proceeding throughout Europe on the controversial Citigroup trades of August 2 2004. The bank sold €12 billion of bonds within minutes, later buying back €4 billion at lower prices and making an estimated €17m profit.

Citigroup trades raise questions

The affair has raised some wider questions into the way European government bond markets work, since the trades exploited the obligation of market-makers to provide quotes at restricted bid-offer spreads on EuroMTS, the domi