Deutsche Bank and Citi admit 'anti-competitive activity' over UK government bonds

Unlawfully exchanged information

Deutsche Bank and Citi have admitted to involvement in anti-competitive activity by unlawfully exchanging information on UK government bonds.

The revelation featured in an announcement from the Competition and Markets Authority, which has provisionally found Citi and Deutsche Bank, alongside HSBC, Morgan Stanley and Royal Bank of Canada have all broken competition law over the same issue. Traders who worked at the five banks exchanged sensitive information in a series of one-to-one conversations in Bloomberg chatrooms between 2009 and 2013, the CMA said in a statement today (24 May). Information was shared about the auction of gilts by the Debt Management Office on behalf of the Treasury and the subsequent buying and sellin...