Four banks have been fined more than £100 million after traders shared sensitive information with each other about the British Government debt they were buying and selling. Traders at the four banks used one-to-one chat rooms to discuss trades in UK Government gilts in the years following the financial crisis, the Competition and Markets Authority (CMA) said. The largest fine went to Royal Bank of Canada, which will pay £34.2 million. Citi will pay around £17.2 million, HSBC £23.4 million and Morgan Stanley £29.7 million. All the banks had their fines reduced because they settled.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:06Four banks have been fined more than £100 million after traders shared sensitive information with each other
00:13about the British government debt they were buying and selling.
00:17Traders at the four banks used one-to-one chat rooms to discuss trade in UK government gilts
00:23in the years following the financial crisis, the Competition and Markets Authority said today.
00:28The largest fine went to Royal Bank of Canada, which will pay £34.2 million.
00:35Citi will pay around £17.2 million, HSBC £23.4 million and Morgan Stanley £29.7 million.
00:46All the banks had their fines reduced because they settled.
00:50My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.