European Commission Fines Investment Banks Over Bond Trading Cartel
28 April 2021 - 12:30PM
Dow Jones News
By Pietro Lombardi
The European Commission has fined Bank of America Corp.,
France's Credit Agricole SA and Swiss bank Credit Suisse Group AG
for taking part in a bond trading cartel and thus violating EU
antitrust rules.
The Commission said Wednesday that Deutsche Bank AG, which was
also part of the cartel, wasn't fined because it disclosed its
existence.
The banks received an overall fine of about 28.5 million euros
($34.5 million).
The four investment banks formed the cartel in the secondary
market of supra-sovereign, sovereign and agency, or SSA, bonds
denominated in U.S. Dollars. These bonds include those issued by
supranational institutions or agencies, such as the European
Investment Bank, governments and regional agencies or public
authorities.
Write to Pietro Lombardi at pietro.lombardi@wsj.com;
@pietrolombard10
(END) Dow Jones Newswires
April 28, 2021 06:15 ET (10:15 GMT)
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