The European Commission on Thursday fined three financial institutions—Nomura, UBS, and UniCredit—a total of €371 million (U.S. $453 million) for their participation in a cartel scheme through a group of traders, in which four other banks were also involved.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...