Five major global banks have been found to have violated UK competition law by sharing sensitive information while trading British government bonds in the aftermath of the financial crisis, according to preliminary findings from the UK’s Competition and Markets Authority (CMA). Citigroup, Deutsche Bank, HSBC, Morgan Stanley, and Royal Bank of Canada had traders who […]
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Apple is facing four antitrust investigations in Europe related to its App Store. Epic Games filed a lawsuit in the U.S. against the company for anticompetitive practices in the App Store and Germany, Japan and Australia have shown interest in these developments. The EU probe may bring more than $5 billion in fines and changes to the Apple’s App Store.
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The UK Financial Conduct Authority issued its first antitrust decision on February 21 imposing fines on Hargreave Hale (£306,300) and RAMAM (£108,600) for sharing sensitive information. The fines aren’t particularly high for companies with a FY18 turnover over £50 million but it sends a message to The City that there is a new antitrust watchdog in town.
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Banks including Credit Suisse, UBS, Barclays, Credit Agricole, Bank of America and Deutsche Bank may face more than $6 billion in fines if they are found guilty of manipulating forex rates, SSA bonds and European Government Bonds in three different EU antitrust probes. The U.K. also opened a separate probe over anticompetitive practices in the bond market.
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