18.06.2021. European Commission fines three investment banks

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Seven bank were named as breaching EU antitrust rules by participating together in a trading cartel covering the primary and secondary market for European government bonds, the European Commission revealed.
These were Bank of America, Natixis, Nomura, RBS (now NatWest), UBS, UniCredit and WestLB (now Portigon).
But it only fined Nomura, UBS and UniCredit a combined total of €371m.
The seven investment banks participated in a cartel through a group of traders working on their EGB (European Government Bonds) desks and operating in a closed circle of trust.
The conduct partially took place during the financial crisis and more specifically between 2007 and 2011, and affected the entire European Economic Area (‘EEA’).