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Jurisdiction(s):
United Kingdom
Related legal acts

UK gilts information exchange: CMA Chapter I CA98 infringement—fines over £100m for Citi, HSBC, Morgan Stanley and RBC; Deutsche Bank immunity (one-to-one trader chats)

Practice notes
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CASE HUB ARCHIVED — this archived case hub records the position as at the decision dated 21 February 2025; it is no longer maintained. See the timeline and related cases

Case facts

Outline

CMA Chapter I CA98 probe into whether five banks broke UK competition law by sharing sensitive information on UK government bonds in private one-to-one online chats.

Latest development

On 22 February 2025, the CMA issued five distinct infringement decisions after four companies settled with the authority and admitted involvement in anti-competitive behaviour. Another company obtained immunity for alerting the CMA to its part in the unlawful conduct. Fines totalling over £100m were imposed. The penalties per company were:

  • Deutsche Bank — no fine (due to being granted immunity)
  • Citi — £17,160,000 (including a 35% leniency reduction and a 20% settlement reduction)
  • HSBC — £23,400,000 (including a 10% settlement reduction)
  • Morgan Stanley — £29,700,000 (including a 10% settlement reduction)
  • Royal Bank of Canada — £34,200,000 (including a 10% settlement reduction)

Parties

  • Citigroup Global Markets Limited and its ultimate parent, Citigroup Inc (together, Citi)
  • Deutsche Bank Aktiengesellschaft (Deutsche Bank)
  • HSBC Bank Plc and
...
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Web page updated on 22/05/2026

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