EU fines 3 investment banks over bond cartel

The European Union has slapped fines on three investment banks for taking part in a bond-trading cartel.
The firms are Switzerland's UBS, Japanese brokerage Nomura Holdings and UniCredit.

The European Commission says seven institutions ran the cartel from 2007 to 2011. It says their traders were in regular contact with each other, sharing trading information.

The Commission says the conduct violated EU rules that prohibit anti-competitive business practices.
UBS was fined over 210 million dollars, Nomura, about 158 million dollars, and UniCredit, 84 million dollars.

The commission says the four others avoided penalties because they either fell outside a limitation period for the imposition of fines or received full immunity for disclosing the cartel.

Nomura Holdings says it will consider all its options, including an appeal.

The firm added that the decision will not have a negative impact on its consolidated results for the current fiscal year, as it has already set aside a provision for the fine's full amount.