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Banking giants Citi, HSBC, Morgan Stanley and Royal Bank of Canada have been slapped with a £100m fine after their traders revealed insider information.
Deutsche Bank blew the whistle on the incident and gained immunity from the Competition and Markets Authority (CMA).
Juliette Enser, executive director of Competition Enforcement at the 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. Only through healthy and competitive markets can we ensure businesses and investors have confidence to invest and grow – for the benefit of all in the UK.
“The fines imposed today reflect the CMA’s commitment to dealing with competition law breaches and deterring anti-competitive conduct. The fines would have been substantially higher had the banks not already taken unusually extensive steps to make sure that this doesn’t happen again.”
The incidents date to 2009 and 2013, and involved traders sharing details about the buying and selling of UK bonds, known as gilts, and gilt asset swaps.
Take a look at the individual fines:
Citi: £17,160,000 – this includes a 35% leniency discount and a 20% reduction for settling in advance of the CMA issuing its Statement of Objections
HSBC: £23,400,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections
Morgan Stanley: £29,700,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections
Royal Bank of Canada: £34,200,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections
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