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UK/EU competition law update: CMA fines four banks over gilt trading chats, Thames Water plan sanctioned, CAT rejects Stellantis claim, CJEU: refusal to ensure interoperability may breach Article 102

Published on: 27 February 2025

Published by a LexisNexis Competition expert
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  • UK antitrust
  • UK private actions
  • EU antitrust
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UK antitrust

CMA fines four banks over £100m after settling government bonds investigation; one bank receives leniency

The CMA has issued five distinct infringement decisions, finding that Deutsche Bank, Citi, HSBC, Morgan Stanley and Royal Bank of Canada breached Chapter I of the Competition Act 1998 by sharing sensitive information on UK government bonds via one-to-one online chats. Four banks—Citi, HSBC, Morgan Stanley and Royal Bank of Canada—settled and accepted fines totalling £104.46m. Deutsche Bank was granted immunity after alerting the CMA to its participation in the unlawful conduct. The misconduct occurred at various times between 2009 and 2013. The exchanges happened in one-to-one Bloomberg chatrooms between a small number of traders at the banks and concerned the trading of UK government bonds—specifically, gilts and gilt asset swaps—covering pricing information and other elements of their trading strategies...

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