The Competition and Markets Authority (CMA) said Citi, HSBC, Morgan Stanley and Royal Bank of Canada will all pay fines for their behaviour in the market for government bonds known as gilts.
It took place on various dates between 2009-2013, with the last exchanges occurring in 2010 for HSBC, 2012 for Morgan Stanley, and 2013 for each of Citi, Deutsche Bank and Royal Bank of Canada.
Juliette Enser, Executive Director of Competition Enforcement at the CMA, said: “Following constructive engagement between the banks and the CMA, we are pleased that we have been able to settle these 5 cases involving the past sharing of competitively sensitive information about pricing.
Four banks – Citi, HSBC, Morgan Stanley and Royal Bank of Canada – have settled and agreed to pay fines totalling £104,460,000.
Citi was fined £17,16 million, HSBC £23.4 million, Morgan Stanley £29.7 million, and Royal Bank of Canada £34,200,000.
