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BAML, C.Agricole, C.Suisse fined over bond cartel By Reuters 


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© Reuters. FILE PHOTO: A Financial institution of America emblem is pictured within the Manhattan borough of New York Metropolis

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By Foo Yun Chee

BRUSSELS (Reuters) -Financial institution of America Merrill Lynch (BAML), Credit score Agricole (OTC:) and Credit score Suisse (SIX:) had been fined 28.5 million euros ($34.4 million) by EU antitrust regulators on Wednesday for participating in a bond cartel.

Deutsche Financial institution (DE:) was not penalised as a result of it alerted the cartel to the European Fee.

The EU competitors watchdog stated the cartel operated within the European secondary buying and selling market associated to supra-sovereign, sovereign and company (SSA) bonds denominated in U.S. {dollars}.

BAML’s high-quality was fined 12.6 million euros, Credit score Suisse 11.9 million and Credit score Suisse 3.9 million euros.

The Fee stated merchants on the 4 banks colluded on buying and selling methods, exchanged delicate pricing data and coordinated on costs over 5 years.

“The behaviour of the funding banks restricted competitors in a market through which funding and pension funds often purchase and promote bonds on behalf of their traders and pensioners,” European Competitors Commissioner Margrethe Vestager stated in an announcement.

($1 = 0.8284 euros)

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