Regulation

Citi, HSBC, Morgan Stanley bond-rigging probe sets regulator back £5m

Competition and Markets Authority ploughs 115,000 man hours into cartel investigation after traders colluded in Bloomberg chatrooms

Five banks were pursued by antitrust authorities for potentially increasing borrowing costs at the expense of taxpayers
Five banks were pursued by antitrust authorities for potentially increasing borrowing costs at the expense of taxpayers Photo: Getty Images

The UK competition watchdog’s probe into how five major banks rigged government bond markets has set it back at least £4.7m, Financial News can reveal.

Staff at the Competition and Markets Authority spent 115,000 man hours pursuing Citi, HSBC, Morgan Stanley, Royal Bank of Canada and Deutsche Bank traders’ collusion over gilt prices in chatrooms.

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