By decision of 20 May 2021, the EC found that Bank of America, Natixis, Nomura, RBS (now NatWest), UBS, UniCredit and WestLB (now Portigon) breached EU antitrust rules through the participation of a group of traders in a cartel on the primary and secondary markets for European Government Bonds (EGBs). Background EGBs are debt securities issued in euros by the central governments of the Eurozone Member States in order to raise funds in international financial markets. An EGB represents a borrowing of an amount in euros for a fixed term at a predefined interest rate. The bondholder receives interest payments periodically, and the principal amount borrowed is paid to the bondholder upon expiry of the fixed term. EGBs are first issued on the primary market where a limited number of
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