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Banks face CMA probe into swapping UK bond information in chatrooms

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The UK’s competition watchdog has asked five banks to respond to provisional findings that they broke competition law in the aftermath of the financial crisis by exchanging sensitive information in chatrooms during UK bond transactions.The Competition and Markets Authority said in a 24 May statement that the five banks – HSBC, Citi, Deutsche Bank, Morgan Stanley and Royal Bank of Canada – are alleged to have unlawfully shared the information “through one or more series of one-to-one conversations in chatrooms” at varying...

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