EU Fines Nomura 129 M. Euros over Bond Cartel

Politics

Brussels, May 20 (Jiji Press)--The European Commission said Thursday it has fined Japanese brokerage firm Nomura Holdings Inc. <8604> 129,573,000 euros for participating in a European government bond trading cartel in breach of European Union antitrust rules.

The commission, the executive branch of the EU, also recognized the participation in the same cartel of six European and U.S. financial institutions, including Bank of America and UBS. Four of them were not fined because of reasons including running out the statute of limitations.

Fines imposed on the three violator firms add up to some 371 million euros.

In 2007-2011, bond traders of the seven institutions exchanged confidential information and discussed strategies on auctions of euro-denominated government bonds and trading on the secondary market, according to the commission.

END

[Copyright The Jiji Press, Ltd.]

Jiji Press