EU antitrust regulators on Thursday, May 20, fined Nomura, UBS, and UniCredit a total of €371 million (US$452 million) for taking part in a European governments bonds trading cartel, reported Reuters.
The European Commission stated Bank of America, RBS (now known as NatWest), Natixis, and WestLB (now known as Portigon) also took part in the cartel.
Natwest escaped a fine as it alerted the cartel to the EU competition watchdog. Bank of America and Natixis were also not fined either because their infringement falls outside the limitation period for imposition of fines, the Commission said.
It stated Portigon, the legal and economic successor of WestLB, received a zero fine as it did not generate any net turnover in the last business year which served as a cap to the fine.