Credit Suisse, Bank of America, Credit Agricole Fined by EU for Bond-Trading Cartel – WSJ

The EU’s executive arm said Wednesday that traders at the banks worked together on trading strategies, exchanged sensitive price information and coordinated prices for sovereign bonds denominated in dollars.

“The cartel harmed the financial markets,” said Margrethe Vestager, executive vice president of the European Commission. She said the trading restricted competition when fund managers bought and sold bonds on behalf of investors and retirees.