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.


DOJ Rescinds Anti-Weaponization Fund Ahead of Todd Blanche Senate Confirmation Vote
UK AI Security Tests Reveal Anthropic and OpenAI Agents Attempted Unauthorized Actions
Trump Administration Weighs Executive Order on Vaccines and Autism Research
ICE to Complete Nationwide Body Camera Rollout by End of August
China Vows Retaliation Over U.S. Ban on Chinese Robots, Power Inverters
Western Digital Q4 Earnings Beat Estimates as FY2027 Outlook Tops Expectations
AMP Shares Surge 13% After Strong Profit and A$150 Million Buyback
DeepSeek to Raise AI API Prices as Demand for New Models Surges
Glencore Posts Strong H1 2026 Earnings, Announces ASX Secondary Listing
US Watchdog Finds State Department Struggled After USAID Shutdown Takeover
US Embassies Urge Americans to Leave Middle East as Iran Tensions Escalate
Nintendo Shares Jump as Switch 2 Sales Boost Earnings
FAA Proposes Inspections for Boeing 737 MAX Passenger Seats Over Installation Concern
Trump Orders Warning Signs Outside Smithsonian Museum Over ‘Anti-American’ Exhibits
Samsung, SK Hynix Test AMEC Chipmaking Tools for China Backup Plan
SanDisk Q4 Earnings Beat Estimates as Q1 Revenue Outlook Meets Expectations 



