By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > News > Five banks broke competition law over UK government bonds, watchdog says
News

Five banks broke competition law over UK government bonds, watchdog says

News Room
Last updated: 2023/05/24 at 4:01 AM
By News Room
Share
3 Min Read
SHARE

Five of the world’s largest banks broke UK competition law by sharing sensitive information when trading British government bonds in the five years after the global financial crisis, according to the country’s competition regulator.

A small number of traders at Citigroup, Deutsche Bank, HSBC, Morgan Stanley and Royal Bank of Canada unlawfully shared sensitive information, including on pricing and strategies, in chatrooms on Bloomberg terminals, according to a provisional finding published by the Competition and Markets Authority on Wednesday.

As a result, the regulator said, the banks could have “denied the full benefits of competition” to those they were trading with, including pension funds and the UK’s Debt Management Office.

The alleged sharing of sensitive information took place between 2009 and 2013, the CMA said, adding that traders swapped information “in the context of” government bond sales by the DMO and the repurchase of gilts by the Bank of England.

“Our provisional decision has found that, in the aftermath of the global financial crisis, five global banks broke competition law,” said Michael Grenfell, director of enforcement at the CMA.

“A properly functioning, competitive bond market benefits tens of millions of taxpayers and pension savers as well as being at the heart of the UK’s reputation as a global financial hub. These alleged activities are therefore very serious and warrant the detailed investigation we have undertaken,” he added.

The regulator said if it concluded that at least two banks engaged in anti-competitive behaviour, it might issue fines.

The competition watchdog said it was alerted to the behaviour by Deutsche Bank and that Germany’s biggest bank had admitted its involvement in “anti-competitive” activity. Deutsche will therefore not be subject to any fines should the CMA levy them.

Citigroup has also admitted involvement and entered into a settlement agreement with the CMA. The Wall Street bank will receive a discounted fine if penalties are imposed, the regulator said.

HSBC, Morgan Stanley and Royal Bank of Canada have not admitted any wrongdoing, the CMA said, adding that its probe was ongoing.

Read the full article here

News Room May 24, 2023 May 24, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Mining boss calls for price support to challenge China’s critical minerals dominance

Stay informed with free updatesSimply sign up to the Mining myFT Digest…

Big Food’s snack binge unravels as Americans ditch sweet treats

Big Food’s bet on America’s appetite for snacks is turning sour. Cookies, chocolate…

It pays to be vulnerable — but please pick your moments

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

PwC lines up UK managing partner as new Middle East head

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Musk launches US political party to fight ‘one-party system’

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

- Advertisement -
Ad imageAd image

You Might Also Like

News

Mining boss calls for price support to challenge China’s critical minerals dominance

By News Room
News

Big Food’s snack binge unravels as Americans ditch sweet treats

By News Room
News

It pays to be vulnerable — but please pick your moments

By News Room
News

PwC lines up UK managing partner as new Middle East head

By News Room
News

Musk launches US political party to fight ‘one-party system’

By News Room
News

Retail investors reap big gains from ‘buying the dip’ in US stocks

By News Room
News

Israel to join ceasefire talks despite ‘unacceptable’ response from Hamas

By News Room
News

Texas flash flood claims at least 24 lives

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?