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UBS, UniCredit, and Nomura have lost a court challenge against a €172.4 million EU cartel fine, with the court largely upholding the European Commission's 2021 decision. The cartel, involving several banks, operated from 2007 to 2011, with traders exchanging sensitive information via Bloomberg chatrooms. While UBS is considering an appeal, fines for UniCredit and Nomura were slightly reduced, while Bank of America and Natixis were not fined due to timing issues.
UBS, UniCredit, and Nomura have largely failed in their legal challenges against EU bond-cartel fines, with the EU General Court confirming UBS's 172 million-euro penalty. UniCredit's fine was reduced to 65 million euros, while Nomura's was lowered to 125.6 million euros due to calculation errors. The court noted the European Commission's interest in determining that Bank of America and Natixis violated the law, despite not imposing fines on them.
The Luxembourg-based General Court has upheld the EU's cartel decision against UBS, UniCredit, and Nomura, largely confirming the European Commission's ruling. However, it has moderately reduced the fines imposed on UniCredit and Nomura.
Europe's second-highest court has upheld the EU antitrust ruling against UBS, UniCredit, and Nomura for their roles in a sovereign bond cartel, confirming the European Commission's decision. However, the court has moderately reduced the fines for UniCredit and Nomura.
Europe's second-highest court has upheld the EU antitrust authorities' decision to fine UBS, UniCredit, Nomura, Bank of America, Natixis, and Portigon for their involvement in a government bond cartel. While largely confirming the European Commission's ruling, the court has moderately reduced the fines for UniCredit and Nomura.
The EU Court of Justice upheld the antitrust ruling against UBS, UniCredit, and Nomura for their involvement in a government bond cartel, confirming the European Commission's decision from four years ago. However, the court moderately reduced the fines for UniCredit and Nomura.
The EU's second-highest court upheld the antitrust ruling against UBS, UniCredit, and Nomura for their roles in a government bond cartel, confirming the European Commission's decision. However, the court moderately reduced the fines for UniCredit and Nomura.
Citi's global asset managers team head, Anthony Diamandakis, has left the bank amid management changes and the arrival of co-head Ashu Khullar. Meanwhile, Citadel Securities is expanding its senior rates sales team by hiring managing directors from Goldman Sachs and JPMorgan as market volatility increases. Other banks, including UBS and Barclays, are also making strategic moves, with UBS threatening to relocate its headquarters over capital requirements.
Polar Capital Holdings Plc acquired a new position in XPeng valued at approximately $6.6 million, with institutional investors owning 21.09% of the stock. XPeng, a Chinese electric vehicle manufacturer, has received mixed ratings from analysts, with a current consensus of "Moderate Buy" and an average price target of $22.02. The company's recent earnings report showed a loss of $0.19 per share, surpassing expectations, while revenue for the quarter was $2.21 billion.
Julien Scemama has joined SocGen in Paris as the head of its equity private placements team in EMEA, moving from BNP Paribas in London. With private placements gaining traction as a preferred fundraising method for corporates, banks are bolstering their teams in this area, reflecting a growing trend in private capital.
Nomura Holdings, Inc.
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