Watchdog probes 'City bond market cartel'
The competition watchdog is probing a suspected cartel among bond traders at a group of international banking giants, posing a renewed risk to the City's reputation a decade after the financial crisis. Sky News has learnt from senior banking industry figures that a Competition and Markets Authority (CMA) investigation into "certain types of financial product", revealed in a brief statement on Friday, is focused on activity in London's multibillion pound bond markets.The inquiry, which the CMA said had been launched earlier this week, relates to "suspected anti-competitive arrangements in the financial services sector which may infringe Chapter 1 of the Competition Act 1998 and/or Article 101 of the Treaty on the Functioning of the European Union".London's bond markets, whic...