NTXFF - Nomura UBS Unicredit fined $454M for violating antitrust rules in bond market

The European Commission fines Nomura ([[NMR]] +2.1%), UBS ([[UBS]] +1.7%), and UniCredit ([[UNCFF]] +1.2%) at total of €371M (~$454M) for violating European Union antitrust rules by participating in a cartel in the primary and secondary market for European Government Bonds.RBS (now NatWest ([[NWG]] +1.9%) ), Bank of America ([[BAC]] +0.2%), WestLB (now Portigon), and Natixis ([[NTXFF]]) were also found to have breached the antitrust rules but won't have to pay fines.NatWest disclosed the cartel to the Commission. Bank of America and Natixis weren't fined because their infringement falls outside the limitation period for the imposition of fines.Portigon received a fine of zero because it didn't generate any revenue in the last business year which served as a cap to the fine.The seven investment banks participated in a cartel through a group of traders working on their European Government Bond desks and operating in a closed circle, the EC said. The conduct partially

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Nomura, UBS, Unicredit fined $454M for violating antitrust rules in bond market