EU Commission fines three banks €371 million over bond trading cartel

By Sara Lewis, in Brussels

The European Commission has fined three banks, UBS, Nomura and UniCredit a combined total of €371 million (US$452 million) over their role in a European government bond (EGB) trading cartel that also involved four other banks. All three deny wrongdoing and are considering whether to, or will, appeal the fines before the European Court of Justice (ECJ).