EC fines three banks for participating in SSA bond trading cartel

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By Burhan Khadbai
28 Apr 2021

The European Commission has fined three banks for breaching European Union competition rules in trading SSA dollar bonds in the secondary market, it said on Wednesday.

Bank of America, Crédit Agricole and Credit Suisse have been fined a total of €28.494m, with Bank of America bearing the biggest penalty (€12.642m), followed by Credit Suisse (€11.859m) and Crédit Agricole (€3.993m), for operating what the EC called a cartel in the SSA product.

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