The EU Commission fines several investment banks €371 million for participating in a European government bond trading cartel (Bank of America / Natixis / RBS / UBS / UniCredit / WestLB)

Antitrust: Commission fines investment banks € 371 million for participating in a European Governments Bonds trading cartel* The European Commission has found that Bank of America, Natixis, Nomura, RBS (now NatWest), UBS, UniCredit and WestLB (now Portigon) have breached EU antitrust rules through the participation of a group of traders in a cartel in the primary and secondary market for European Government Bonds (‘EGB'). Fines totalling € 371 million are imposed on Nomura, UBS and UniCredit. NatWest was not fined as it revealed the cartel to the Commission. Bank of America and Natixis are not fined either because their infringement falls outside the limitation period for imposition of fines. Portigon, the legal and economic successor of WestLB, received a zero fine as it did not

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European Commission, The EU Commission fines several investment banks €371 million for participating in a European government bond trading cartel (Bank of America / Natixis / RBS / UBS / UniCredit / WestLB), 20 May 2021, e-Competitions May 2021, Art. N° 100976

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