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.

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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 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.