Legal
Four Banks Settle UK Gilts Collusion Case For £104 Million
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Four major banks will pay fines totaling over £100 million ($127 million) to settle a long-running antitrust case over collusion by their traders, who shared sensitive information in chatrooms about buying and selling gilts after the 2008 financial crisis.
Traders at Citigroup Inc., HSBC Holdings Plc, Morgan Stanley and Royal Bank of Canada unlawfully shared details on pricing and trading in chatrooms between 2009 and 2013, the Competition and Markets Authority said on Friday. Deutsche Bank AG, was exempted from the penalty as it was the first to self report its involvement.