EU COMMISSION FINES THREE BANKS EUR371 MILLION OVER BOND CARTEL
May 1st, 2021
The European Commission has fined three banks, UBS, Nomura and UniCredit a combined total of EUR371 million (USD452 million) over their role in a European government bond (EGB) cartel involving four other banks. All three deny wrongdoing and are considering or will appeal the fines before the European Court of Justice (ECJ). A Commission statement said that between 2007 and 2011 traders on the banks’ EGB desks used Bloomberg chatrooms to swap commercially sensitive information on prices and volumes offered to customers. They also exchanged information ...
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