US Dollar supra-sovereign, sovereign and agency bond trading (AT.40346) [Archived]

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Published by a LexisNexis Competition expert
Practice notes

US Dollar supra-sovereign, sovereign and agency bond trading (AT.40346) [Archived]

Copyright © 2025 LexisNexis

Published by a LexisNexis Competition expert

Practice notes
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ARCHIVED–this archived case hub reflects the position at the date of the decision of 28 April 2020; it is no longer maintained.

NOTE—appeals lodged before the General Court in Cases T- 386/21 and T- 406/21

See further: timeline.

Case facts

OutlineEuropean Commission Article 101 TFEU investigation into the exchange of commercially sensitive information and price coordination concerning US dollar denominated supra-sovereign, sovereign and agency bonds (Case AT.40346).
Latest developmentOn 28 April 2021, the Commission issued its infringement decision against Bank of America Merrill Lynch, Crédit Agricole and Credit Suisse for participating in a cartel in the secondary trading market within the EEA of Supra-sovereign, Sovereign and Agency bonds denominated in US Dollars. The cartel involved a core group of traders at these investments banks, who knew each other on a personal level. The Commission found that, during a five-year period, the traders provided each other with recurring updates on their trading activities, exchanged commercially sensitive information, coordinated on prices shown to their customers, or to the market in general and aligned
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Jurisdiction(s):
United Kingdom
Key definition:
Article 101 definition
What does Article 101 mean?

Article 101 of the Treaty on the Functioning of the European Union prohibits agreements between undertakings, decisions of associations of undertakings and concerted practices which have as their object or effect the prevention, restriction or distortion of competition and which affect trade between member States.

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