On 28 April 2021, the European Commission (EC) ruled that Bank of America Corporation and Merrill Lynch International, Crédit Agricole SA and Crédit Agricole Corporate and Investment Bank, Credit Suisse Group AG and Credit Suisse Securities (Europe) Limited and Deutsche Bank AG, DB Group Services (UK) Limited and Deutsche Securities Inc. had violated the European competition rules by aligning their activities, increasing their income at the expense of third parties.[1]

The resulting fines imposed were as follows: €12,642,000 on Bank of America Corporation and

[1] European Commission press release, ‘Antitrust: Commission fines investment banks €28 million for participating in SSA bonds trading cartel’, 28 April 2021.