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The UK’s Competition and Markets Authority (CMA) has fined Citi, HSBC, Morgan Stanley, and Royal Bank of Canada (RBC) a total of £104.5 million ($132.3 million) for sharing sensitive information related to UK government bonds.
Following an investigation into trading activities between 2009 and 2013, the CMA found that individual traders exchanged competitively sensitive details on UK gilts and gilt asset swaps. This conduct, which involved pricing discussions, violated competition rules.
Deutsche Bank was also part of the investigation but avoided a fine after self-reporting the misconduct and receiving immunity. Citi secured a reduced penalty of £17.2 million by applying for leniency, while HSBC was fined £23.4 million, Morgan Stanley £29.7 million, and RBC £34.2 million.
The settlement marks a significant regulatory action in the financial sector, reinforcing stricter compliance standards. The banks have since implemented measures to prevent future breaches.
This case highlights the importance of maintaining market integrity and serves as a warning against anti-competitive behavior in the financial industry.
