The European Commission imposed a € 371m fine on three large investment banks for a cartel conspiracy to manipulate the European government bond market.

This was reported by the press service of the department, writes Forbes.

In general, according to the European Commission, seven investment banks participated in the cartel, but Nomura, UBS and UniCredit were ordered to pay the fine.. Bank Nat West was not fined because it told the agency about the collusion.

Fines expired for Bank of America and Natixis. Portigon (legal and economic successor to WestLB) received a zero penalty because it had no net turnover in the last fiscal year.

According to the European Commission, between 2007 and 2011, traders who worked in seven investment banks exchanged commercial confidential information, discussing their trading strategies on the eve of government bond auctions..

“Our decision on Bank of America, Natixis, Nomura, RBS, UBS, UniCredit and WestLB is a clear signal that the European Commission will not tolerate collusion of any kind..

It is unacceptable that in the midst of the financial crisis, when many financial institutions had to be rescued with public funding, these investment banks colluded at the expense of the EU member states, ”said executive vice president of the department Margrethe Vestager.

A spokesman for Nomura in a conversation with CNBC noted that the decision of the commission is related to the actions of two former employees of the bank in 2011.. According to him, the bank will consider all options for an answer, including an appeal..

UBS said management "

The press service of UniCredit said that the group "

Inf. finance. ua.