6/15/2021, 4:56 PM (Source: TeleTrader)
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Major banks blocked from EU relief program - report

The European Union has excluded many of the world's largest banks from its new debt issuance program, The Wall Street Journal reported on Tuesday.

The lenders, which include Barclays plc, JPMorgan Chase & Co., Nomura Holdings Inc., Bank of America Corp., UniCredit SpA, Citigroup Inc., and Credit Agricole SA, have been blocked due to recent cases where they were found to have formed cartels in the bond and currency markets, the newspaper said.

Currently, the European Commission is looking into whether "the primary dealers found guilty of breaching antitrust rules have taken necessary remedial measures to terminate these practices," the WSJ stated.

Baha Breaking the News (BBN) / MD