European Commission fines three investment banks over bonds 'collusion'

Mark Battersby
clock • 2 min read

Seven bank were named as breaching EU antitrust rules by participating together in a trading cartel covering the primary and secondary market for European government bonds, the European Commission revealed in a statement on 20 May.  These were Bank of America, Natixis, Nomura, RBS (now NatWest), UBS, UniCredit and WestLB (now Portigon). But it only fined Nomura, UBS and UniCredit a combined total of €371m. The commission said NatWest was not fined as it revealed the cartel to the commission. Bank of America and Natixis were not fined either because their infringement fell outsid...

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