London, 16 July 2025 — The UK’s Competition and Markets Authority (CMA) has published non-confidential versions of five infringement decisions in its long-running investigation into anti-competitive arrangements involving UK government bonds.
The decisions, first issued in February 2025, found that five pairs of major banks unlawfully shared sensitive information via Bloomberg chatrooms between 2009 and 2013. Four banks — Citi, HSBC, Morgan Stanley, and Royal Bank of Canada — settled, paying over £104 million in total fines. Deutsche Bank, which received full immunity under the CMA’s leniency programme, was involved in all five cases.
The case is now formally closed following publication of the redacted decisions.
