CMA: Enforcement action against four banks

CMA has reported that Citi, HSBC, Morgan Stanley and Royal Bank of Canada have agreed to pay fines totalling over £100m.  Individual traders at each of the banks took part in private one-to-one Bloomberg chatrooms in which they shared sensitive information relating to buying and selling gilts on specific dates.  It is noted that Deutsche Bank was given immunity for reporting its conduct and that Citi applied for leniency during the investigation and received a reduced fine.