Something relevant happened in the mobile telecommunications field in the last two years: the allocation of the UMTS licenses, needed to supply the new third generation services, heavily involved the governments of all European countries and the most important telecom companies in the world. At the same time, it called the attention of the media and of the public opinion. After the run to 3G licenses finished a few months ago, it is now possible to draw up a first balance of the UMTS experience at a Continental level. In both the two categories winners and losers can easily be spotted. But other interesting points arise: can the actual allocation be considered stable? Has competition been limited on purpose in some auctions? Did a secret plan exist, a plan devoted to share the European market among the biggest operators in their different areas of influence?