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  0.00 0.0% 11.92 11.92 11.872 0.00 00:00:00

European Commission Fines Investment Banks Over Bond Trading Cartel

28/04/2021 11:30am

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   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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