News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
26
o
Bekaa
23
o
Keserwan
26
o
Metn
26
o
Mount Lebanon
23
o
North
29
o
South
26
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Morning Talk
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
26
o
Bekaa
23
o
Keserwan
26
o
Metn
26
o
Mount Lebanon
23
o
North
29
o
South
26
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Series
Movies
Documentaries
Variety
Comedy
Talk Show
News Bulletin
Sports
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Deutsche, Citi admit anti-competitive bond market activity in UK probe
World
24-05-2023 | 09:24
High views
Share
Share
4
min
Deutsche, Citi admit anti-competitive bond market activity in UK probe
Deutsche Bank and Citigroup admitted anti-competitive activity by exchanging sensitive information on UK government bonds between 2009 and 2013, Britain's anti-trust watchdog said, as it provisionally found five banks in breach of competition rules.
HSBC, Morgan Stanley and Royal Bank of Canada, meanwhile, have not admitted any wrongdoing over the alleged sharing of information in one or more one-to-one conversations between a small number of traders in Bloomberg chatrooms in the aftermath of the global financial crisis.
Britain's Competition and Markets Authority (CMA) said in a statement on Wednesday it would consider further representations from the banks before reaching a final decision on its next steps and the possible issue of financial penalties.
The CMA said the conversations are alleged to have related to the buying and selling of UK government bonds - specifically, gilts and gilt asset swaps - and included details on pricing and other aspects of trading strategies.
"These alleged activities are ... very serious and warrant the detailed investigation we have undertaken. This could have denied taxpayers, pension savers and financial institutions the benefits of full competition for these products, including the minimization of borrowing costs," said Michael Grenfell, Executive Director of Enforcement at the CMA.
The CMA said it was yet to decide if there was sufficient evidence of an infringement of competition law for it to take enforcement action against any of the banks. Until then, no assumption should be made that any of them had broken the law, it said.
Having alerted the CMA to its involvement via its leniency policy, Deutsche Bank will not be fined if the provisional findings are upheld. Citi also struck a settlement with the CMA and will also likely receive a discount if a fine is imposed.
A Deutsche Bank spokesperson said it had secured "provisional immunity" after proactively reporting the activities, which took place before 2014. Citi said it had co-operated fully with the CMA on the matter and was "pleased to put it behind us."
A spokesperson for Morgan Stanley said it disagreed with the CMA's provisional findings and intended to contest them.
"Morgan Stanley cooperated fully with the watchdog during the investigation and will continue to engage in the process," the spokesperson said.
HSBC denies the allegations and will continue to make its case while awaiting the CMA's final decision, the bank told Reuters in an emailed statement.
RBC told Reuters it disagreed with the CMA's findings, but had cooperated fully with the investigation and took any allegation of employee misconduct very seriously.
In the wake of the financial crisis, the Bank of England shored up the UK economy and markets by buying UK government debt, also known as gilts, via regular buy-back auctions.
Those auctions prompted some of the alleged exchanges of information among some of the banks involved, said the CMA, which launched the probe in November 2018.
Financial sector workers use Bloomberg chatrooms to communicate with customers and colleagues. The company, which is a Thomson Reuters competitor, is not being investigated.
Bloomberg did not immediately respond to a request for comment.
Reuters
Deutsche
Citi
Admit
Anti-Competitive
Bond
Market
Activity
UK
Probe
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Lebanon News
2025-04-15
Lebanon's President Joseph Aoun to State Security officers: No leniency toward corruption
Lebanon News
2025-04-15
Lebanon's President Joseph Aoun to State Security officers: No leniency toward corruption
0
Lebanon News
2025-05-25
Lebanon announces 2025 municipal election results for Sidon
Lebanon News
2025-05-25
Lebanon announces 2025 municipal election results for Sidon
0
Middle East News
2025-06-13
Abu Dhabi airport says expects flight disruptions after Israel attacks Iran
Middle East News
2025-06-13
Abu Dhabi airport says expects flight disruptions after Israel attacks Iran
0
Press Highlights
2025-05-01
President Aoun: Reforms, stability will bring investors back to Lebanon
Press Highlights
2025-05-01
President Aoun: Reforms, stability will bring investors back to Lebanon
Videos
d-none hideMe
0
Lebanon News
2025-07-01
Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district
Lebanon News
2025-07-01
Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district
0
Lebanon News
2025-06-10
Clash between Lebanese Army and residents of Deir Qanoun Al Nahr results in injuries (Video)
Lebanon News
2025-06-10
Clash between Lebanese Army and residents of Deir Qanoun Al Nahr results in injuries (Video)
0
Lebanon News
2025-06-04
Mexico dedicates garden around Lebanese Emigrant Statue in Beirut to mark 80 years of diplomatic ties
Lebanon News
2025-06-04
Mexico dedicates garden around Lebanese Emigrant Statue in Beirut to mark 80 years of diplomatic ties
0
Lebanon News
2025-05-19
President Aoun to seek Egyptian support for Lebanese Army in detecting explosives and tunnels
Lebanon News
2025-05-19
President Aoun to seek Egyptian support for Lebanese Army in detecting explosives and tunnels
0
Lebanon News
2025-05-15
LBCI Exclusive: US steps up pressure on Hezbollah, Morgan Ortagus details sanctions and vision for Lebanon's future
Lebanon News
2025-05-15
LBCI Exclusive: US steps up pressure on Hezbollah, Morgan Ortagus details sanctions and vision for Lebanon's future
0
Lebanon News
2025-05-11
Kuwait rolls out official welcome for Lebanon's President Aoun – video
Lebanon News
2025-05-11
Kuwait rolls out official welcome for Lebanon's President Aoun – video
0
Lebanon News
2025-05-11
Security incidents temporarily disrupt voting in several Akkar and Minieh-Danniyeh centers
Lebanon News
2025-05-11
Security incidents temporarily disrupt voting in several Akkar and Minieh-Danniyeh centers
0
News Bulletin Reports
2025-05-09
EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview
News Bulletin Reports
2025-05-09
EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview
0
Lebanon News
2025-04-23
US envoy Morgan Ortagus hails Lebanese diaspora, says country stands at a crossroads
Lebanon News
2025-04-23
US envoy Morgan Ortagus hails Lebanese diaspora, says country stands at a crossroads
Most read
d-none hideMe
24 hours
7 days
Month
1
News Bulletin Reports
12:55
Syria considers closing its land border: What are the consequences for Lebanon?
News Bulletin Reports
12:55
Syria considers closing its land border: What are the consequences for Lebanon?
2
Lebanon News
07:17
Lebanese Army denies claims of militant infiltration and troop withdrawal in Bekaa
Lebanon News
07:17
Lebanese Army denies claims of militant infiltration and troop withdrawal in Bekaa
3
News Bulletin Reports
12:48
Talks advance in Azerbaijan: Israel and Syria prepare for next diplomatic step with draft deal in hand
News Bulletin Reports
12:48
Talks advance in Azerbaijan: Israel and Syria prepare for next diplomatic step with draft deal in hand
4
News Bulletin Reports
13:00
Maritime demarcation deal: Beirut prepares to host Cypriot delegation for maritime border talks
News Bulletin Reports
13:00
Maritime demarcation deal: Beirut prepares to host Cypriot delegation for maritime border talks
5
Middle East News
05:27
Netanyahu says working with Trump on Arab normalization
Middle East News
05:27
Netanyahu says working with Trump on Arab normalization
6
Lebanon News
09:29
MP Ibrahim Moussawi slams US envoy's remarks, calls for official response
Lebanon News
09:29
MP Ibrahim Moussawi slams US envoy's remarks, calls for official response
7
Lebanon News
08:09
Lebanese Army helicopters return from firefighting mission in Syria's Latakia countryside
Lebanon News
08:09
Lebanese Army helicopters return from firefighting mission in Syria's Latakia countryside
8
Lebanon News
10:19
Kuwaiti Interior Minister arrives in Lebanon to boost bilateral security cooperation
Lebanon News
10:19
Kuwaiti Interior Minister arrives in Lebanon to boost bilateral security cooperation
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More