Nomura Holdings is considering to appeal against the recent penalty of more than €129.5 million imposed on it for violating the European Union antitrust rules, the Japanese financial giant announced on Friday.
“After thoroughly examining the contents of the Decision, Nomura will consider all options, including an appeal,” Nomura stated.
The Bonds Cartel
The European Commission published its decision on Thursday against seven financial institutions, including Nomura and its UK subsidiary Nomura International plc, for their involvement in a bonds trading cartel.
The antitrust body detailed that traders of these seven banks shared sensitive trade-related insider information in multilateral chat rooms. They shared prices and volumes offered in the run-up to the auctions and the prices shown to their customers or the market in general, giving them an illegal edge in the market. They impacted the activities in both primary and secondary markets.
These banks were involved in such practices between 2007 and 2011, and their business affected the entire European Economic Area.
However, only three banks, Nomura, UBS and UniCredit, are facing a fine totaling €371 million. NatWest acted as a Whistleblower
Whistleblower
A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior each year. Whistleblowers are a necessary force in the fight against corruption, scams, fraud, and other forms of manipulation that can affect all levels of financial systems.The methods by which whistleblowers may bring allegations to light vary. This includes contacting a third-party outside of an accused organization such as the media, government, law enforcement, or those who are concerned. Whistleblowers assume a large amount of risk with such disclosures, often facing stiff reprisal and retaliation from those who are accused or alleged of wrongdoing.Whistleblower AwardsIn order to safeguard the identity and well-being of whistleblowers, the United States’ Securities and Exchange Commission (SEC) has installed an entire division towards these individuals.As of May 2020, the SEC has awarded over $396 million to 77 individuals since issuing its first award in 2012. All payments have been made out of an investor protection fund established by the US Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior each year. Whistleblowers are a necessary force in the fight against corruption, scams, fraud, and other forms of manipulation that can affect all levels of financial systems.The methods by which whistleblowers may bring allegations to light vary. This includes contacting a third-party outside of an accused organization such as the media, government, law enforcement, or those who are concerned. Whistleblowers assume a large amount of risk with such disclosures, often facing stiff reprisal and retaliation from those who are accused or alleged of wrongdoing.Whistleblower AwardsIn order to safeguard the identity and well-being of whistleblowers, the United States’ Securities and Exchange Commission (SEC) has installed an entire division towards these individuals.As of May 2020, the SEC has awarded over $396 million to 77 individuals since issuing its first award in 2012. All payments have been made out of an investor protection fund established by the US Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
Read this Term dodging the hefty fine, while other banks, Bank of America, Natixis and Portigon, were not fined for some reason.
Nomura detailed that only two of its former employers were involved in the questionable activities. Additionally, it highlighted that the decision will not impact its business as the fine can be paid in full using provisions.
“It is unacceptable that in the middle of the financial crisis when many financial institutions had to be rescued by public funding, these investment banks colluded in this market at the expense of EU Member States,” said Margrethe Vestager, Executive Vice President of the European Commission.
Nomura Holdings is considering to appeal against the recent penalty of more than €129.5 million imposed on it for violating the European Union antitrust rules, the Japanese financial giant announced on Friday.
“After thoroughly examining the contents of the Decision, Nomura will consider all options, including an appeal,” Nomura stated.
The Bonds Cartel
The European Commission published its decision on Thursday against seven financial institutions, including Nomura and its UK subsidiary Nomura International plc, for their involvement in a bonds trading cartel.
The antitrust body detailed that traders of these seven banks shared sensitive trade-related insider information in multilateral chat rooms. They shared prices and volumes offered in the run-up to the auctions and the prices shown to their customers or the market in general, giving them an illegal edge in the market. They impacted the activities in both primary and secondary markets.
These banks were involved in such practices between 2007 and 2011, and their business affected the entire European Economic Area.
However, only three banks, Nomura, UBS and UniCredit, are facing a fine totaling €371 million. NatWest acted as a Whistleblower
Whistleblower
A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior each year. Whistleblowers are a necessary force in the fight against corruption, scams, fraud, and other forms of manipulation that can affect all levels of financial systems.The methods by which whistleblowers may bring allegations to light vary. This includes contacting a third-party outside of an accused organization such as the media, government, law enforcement, or those who are concerned. Whistleblowers assume a large amount of risk with such disclosures, often facing stiff reprisal and retaliation from those who are accused or alleged of wrongdoing.Whistleblower AwardsIn order to safeguard the identity and well-being of whistleblowers, the United States’ Securities and Exchange Commission (SEC) has installed an entire division towards these individuals.As of May 2020, the SEC has awarded over $396 million to 77 individuals since issuing its first award in 2012. All payments have been made out of an investor protection fund established by the US Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior each year. Whistleblowers are a necessary force in the fight against corruption, scams, fraud, and other forms of manipulation that can affect all levels of financial systems.The methods by which whistleblowers may bring allegations to light vary. This includes contacting a third-party outside of an accused organization such as the media, government, law enforcement, or those who are concerned. Whistleblowers assume a large amount of risk with such disclosures, often facing stiff reprisal and retaliation from those who are accused or alleged of wrongdoing.Whistleblower AwardsIn order to safeguard the identity and well-being of whistleblowers, the United States’ Securities and Exchange Commission (SEC) has installed an entire division towards these individuals.As of May 2020, the SEC has awarded over $396 million to 77 individuals since issuing its first award in 2012. All payments have been made out of an investor protection fund established by the US Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
Read this Term dodging the hefty fine, while other banks, Bank of America, Natixis and Portigon, were not fined for some reason.
Nomura detailed that only two of its former employers were involved in the questionable activities. Additionally, it highlighted that the decision will not impact its business as the fine can be paid in full using provisions.
“It is unacceptable that in the middle of the financial crisis when many financial institutions had to be rescued by public funding, these investment banks colluded in this market at the expense of EU Member States,” said Margrethe Vestager, Executive Vice President of the European Commission.
