Traders at the four banks used one-to-one chat rooms to discuss trades in UK Government gilts in the years following the financial crisis, the Competition and Markets Authority (CMA) said.
“The financial services sector is an integral part of the UK economy, contributing billions every year, and it’s essential that it functions effectively,” said CMA executive director of competition enforcement Juliette Enser.
Traders at Deutsche and Royal Bank of Canada shared information with each other on the largest number of individual dates – a total of 41 days spread between November 2009 and April 2013.
Four banks have been fined more than £100 million after traders shared sensitive information with each other about the British Government debt they were buying and selling.
Citi will pay around £17.2 million, HSBC £23.4 million and Morgan Stanley £29.7 million.
