Op risk data: UBS, Nomura, UniCredit hit with $450m cartel fine
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In May’s largest operational risk loss, UBS, Nomura and UniCredit were fined a total of €371 million ($453.5 million) by the European Commission for breaching European Union antitrust rules in primary and secondary market trading of government bonds.
The EC found that traders at seven investment banks (Bank of America, Natixis, Nomura, NatWest Group, UBS, UniCredit and WestLB, now Portigon) had participated in a cartel between 2007 and 2011. The traders were in regular contact, mainly in
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