The UK Competition and Markets Authority (CMA) has levied fines totaling over £100 million against Citi, HSBC, Morgan Stanley, and Royal Bank of Canada for sharing competitively sensitive information about UK bond pricing.
The fines, which range from £17,160,000 to £34,200,000, result from an investigation into the banks’ unlawful exchanges of information on gilts and gilt asset swaps between 2009-2013, with the banks agreeing to pay the fines and implement extensive compliance measures to prevent future occurrences.