The EU Commission imposes a fine of €28.5 million on banks implicated in bond trading (Bank of America Merrill Lynch / Crédit Agricole / Crédit Suisse)

In April and May 2021 the European Commission ("EC") announced the imposition of fines totalling almost €400 million on banks implicated in two separate cartels relating to bond trading. In a separate development, the EC took unprecedented action to exclude a number of international banks from an EU bond sale on the basis of their historic involvement in illegal cartels. By way of background, a bond is a type of debt security that enables issuing entities to raise cash. Bonds are issued on the primary market and then traded by financial institutions, including banks, brokers and investors, on the secondary market. The cartels detected and prosecuted by the Commission related to: (i) Supra-sovereign, Sovereign and Agency ("SSA") bonds, and (ii) European Government Bonds ("EGB").

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Authors

  • Herbert Smith Freehills (Brussels)
  • Herbert Smith Freehills (Brussels)

Quotation

Daniel Vowden, Adrian Brown, The EU Commission imposes a fine of €28.5 million on banks implicated in bond trading (Bank of America Merrill Lynch / Crédit Agricole / Crédit Suisse), 28 April 2021, e-Competitions July 2021 - II, Art. N° 101630

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