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The EU Court of Justice has upheld an 11.9 million euro fine against Credit Suisse for colluding with other banks in the bond market, violating competition rules. The court rejected CS's appeal, confirming the penalty alongside a 4 million euro fine for Crédit Agricole. The investigation revealed that traders from the banks coordinated on pricing and shared sensitive trading information through chat rooms on Bloomberg terminals from 2010 to 2015.
Currency traders are increasingly bearish on the euro following Donald Trump's presidential victory, which has heightened expectations for aggressive interest-rate cuts in Europe. ABN Amro and ING predict the euro could reach parity with the dollar, while Mizuho and Deutsche Bank have adjusted their forecasts to 1.03 and 1.05, respectively, by year-end.
The Court of Justice of the European Union has upheld an €11.9 million fine against Credit Suisse for its role in a cartel involving dollar bonds, which included coordinated trading strategies and price information sharing from 2010 to 2015. Deutsche Bank, as a key witness, escaped penalties, while Bank of America and Crédit Agricole received fines of €12.6 million and €3.9 million, respectively. The court dismissed Credit Suisse's appeal entirely, confirming the penalties imposed by the European Commission.
The Court of Justice of the European Union has upheld the €11.9 million fine against Credit Suisse for its role in a cartel involving dollar bonds, dismissing its appeal. The case, initiated by the European Commission in 2018, also fined Bank of America and Crédit Agricole, while Deutsche Bank escaped penalties for cooperating as a key witness.
UBS has launched the first-ever tokenized money market fund, the "UBS USD Money Market Investment Fund Token" (uMINT), on the Ethereum blockchain, catering to rising investor interest in tokenized assets. This initiative aligns with UBS's Distributed Ledger Technology strategy and reflects a broader trend among major banks, including Goldman Sachs and Deutsche Bank, to embrace tokenization in finance. As tokenization gains traction, Ethereum's dominance in real-world asset (RWA) tokenization, valued at $3 billion, positions it as a key player in the evolving financial landscape.
Credit Suisse and Credit Agricole have lost their initial legal challenges against EU antitrust fines totaling €15.8 million for their involvement in a bond cartel. The European Commission imposed fines of €11.9 million on Credit Suisse and €3.9 million on Credit Agricole for colluding on trading strategies and pricing in the SSA bonds market. The General Court upheld the fines, allowing the banks to appeal to the Court of Justice of the European Union.
Markets are closely monitoring the impact of the US presidential election, with Germany's DAX index showing mixed signals. After a slight gain of 0.6%, the index fluctuated between 19,105 and 19,263 points, with potential upward movement towards 19,330 if momentum continues. Conversely, a drop below 19,250 could test support levels around 19,059 and 19,000.
The European Court of Justice has upheld a fine of 11.9 million euros against Credit Suisse for its involvement in a bond cartel, originally sanctioned by the European Commission in 2021. The court also confirmed a 3.9 million euro fine on Credit Agricole, while Bank of America faced a 12.6 million euro penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities. The collusion among the banks occurred between 2010 and 2015, involving agreements on trading strategies and price-setting in the SSA bonds market.
European traders are proactively hedging against potential tariff risks as the US election approaches, particularly in response to Donald Trump's tariff proposals that could negatively impact sectors reliant on US markets. This strategy includes betting against the euro and utilizing the Swiss franc and German bonds, as both presidential candidates' spending plans may further complicate interest rate forecasts in the region.
The DAX index fell by 0.6% to 19,148 points, reversing gains from the previous Friday. Despite an initial rise to 19,286, the index struggled to maintain momentum ahead of the US presidential elections. Key resistance levels are at 19,250 and 19,330, while support is found at 19,048 and 19,000.
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