Banks fined £100m after traders shared sensitive information in chat rooms

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.