• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

EU slaps Nomura, UBS and UniCredit with $453 million fine over ‘trading cartel’

4 years ago
in Banking & Finance, Business, Editor's pick, highlights, Home, home-news, latest News
2 min read
0 0
0
76
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The European Commission, the EU’s executive arm, has found seven investment banks guilty of breaching its antitrust rules during the 2008 global financial crisis, with three of the banks receiving fines.

The seven institutions participated in a “bonds trading cartel” in the primary and secondary market for European government debt between 2007 and 2011, the commission said a statement Thursday. Traders used chatrooms to exchange commercially sensitive information, discussing their bidding strategies in the run up to debt auctions, the commission added.

“Our decision against Bank of America, Natixis, Nomura, RBS, UBS, UniCredit and WestLB sends a clear message that the Commission will not tolerate any kind of collusive behavior,” Margrethe Vestager, the head of competition policy in the EU, said in a statement.

Nomura, UBS and UniCredit are now due to pay a combined fine of 371 million euros ($453 million).

A spokesperson for Nomura said the decision was related to behavior from two former employees at the bank, for an approximate 10-month time period in 2011.

“Nomura will consider all options, including an appeal. Since the time of the relevant conduct, Nomura has introduced increased measures to ensure that we conduct our business with the highest levels of integrity at all times,” the spokesperson said via email.

UBS said that “this is a legacy issue dating back to 2007-2011 and we have taken appropriate action years ago to mitigate and improve processes,” adding that it is considering an appeal.

RelatedPosts

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

UniCredit said it would appeal the commission’s decision. A spokesperson said via email: “The Group vigorously contests the decision and maintains that the findings do not demonstrate any wrongdoing on the part of UniCredit.”

NatWest, previously known as RBS, was not fined because it reported the wrongdoings to the commission.

Bank of America and Natixis do not have to pay a fine because their infringements have passed the time limit for sanctions and Portigon, formerly WestLB, didn’t receive a fine as it failed to report a net turnover in the last financial year.

“It is unacceptable, that in the middle of the financial crisis, when many financial institutions had to be rescued by public funding these investment banks colluded in this market at the expense of EU Member States,” Vestager also said Tbankshursday.

Source: cnbc
Via: norvanreports
Tags: 2008 global financial crisisEuropean CommissionNomuraUBS and UniCredit
No Result
View All Result

Highlights

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

CAF Establishes New Infrastructure Department to Enhance Stadium Development Across Africa

Bibiani Gold Stars Set to Begin GPL Title Defence Against Bechem United as Fixtures for 2025/26 Season Are Released

Gov’t Increases Producer Price of Cocoa to GHS 51,660 per Tonne for 2025/2026 Season

Trending

Business

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025...

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

August 4, 2025

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

August 4, 2025

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.