EU fines banks €371M in bonds antitrust case
The European Commission revealed on Thursday that it imposed a fine of €371 million on Nomura Holdings Inc., UBS Group AG and UniCredit S.p.A. for their involvement in “a group of traders in a cartel in the primary and secondary market for European Government Bonds (EGB).” The commission also found the Bank of America Corp., Natixis, National Westminster Bank and Portigon Financial Services also breached EU antitrust rules, but they did not receive financial penalties.
The commission stated the seven banks “participated in a cartel through a group of traders working on their EGB desks and operating in a closed circle of trust” between 2007 and 2011. It revealed the traders “informed and updated each other on their prices and volumes offered in the run up to the auctions and the prices shown to their customers or to the market in general.”
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