UBS, Nomura Hit Hardest as EU Fines Crisis-Era Bond Cartel
- UBS says impact could be $100 million on quarter; may appeal
- Traders swapped information on euro bonds from 2007 to 2011
This article is for subscribers only.
UBS Group AG and Nomura Holdings Inc. and UniCredit SpA were fined a total of 371 million euros ($452 million) by the European Union for colluding on euro government bond trading during the region’s sovereign debt crisis.
UBS was fined 172 million euros and Nomura will have to pay 129.6 million euros for a traders’ cartel that swapped commercially sensitive information from 2007 to 2011 when euro region bond yields soared. UniCredit was fined 69 million euros.