Op risk data: UBS, Nomura, UniCredit hit with $450m cartel fine

Also: State Street collared for expense overcharging; S&P’s Vix mix-up. Data by ORX News

Nomura, UBS and UniCredit
Image: Risk.net montage/Gaetano Virgallito/Flickr

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: