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CMA reaches settlement with banks in competition case related to UK gilts

The Competition and Markets Authority (CMA) and each of four banks (Citi, HSBC, Morgan Stanley and Royal Bank of Canada) have agreed to settle cases related to UK government bonds, known as gilts. The CMA provisionally found that the four banks and Deutsche Bank, each unlawfully shared competitively sensitive information by participating in one or more series of one-to-one conversations in chatrooms at varying times between 2009 and 2013. Citi, HSBC, Morgan Stanley and Royal Bank of Canada will pay fines totalling over £100 million. Deutsche Bank has immunity for reporting its conduct during that period.

ICMA welcomes ECB expansion of DLT settlement in central bank money

The International Capital Market Association (ICMA) has expressed its support of the European Central Bank's (ECB) decision to expand its initiative to settle transactions using distributed ledger technology (DLT) in central bank money, announced on 20 February 2025. This move by the ECB is seen as a significant step forward in the integration of DLT within the financial sector, a development that ICMA and its DLT Bonds Working Group have advocated for. ICMA has consistently highlighted the critical importance of implementing a wholesale central bank digital currency (CBDC) or a DLT-based central bank money settlement solution and believes that the benefits of such a solution include enhanced automation, reduced costs and fragmentation, improved securities settlement, reduced settlement fails and risk, increased attractiveness of capital markets, and better funding for the real economy.

OFSI issues General Licence INT/2025/5855272

The Office of Financial Sanctions Implementation (OFSI) has issued General Licence INT/2025/5855272 under regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019, S.I. 2019/855. This new licence specifically permits International Organisations to receive permitted payments that are transferred from accounts held with Gazprombank (DP), representing a targeted modification to existing sanctions arrangements.

FSB launches peer review of crypto-asset regulatory framework implementation

The Financial Stability Board (FSB) has launched a thematic peer review on the implementation of its global regulatory framework for cryptoasset activities. The review seeks stakeholder feedback on the impact of jurisdictional regulatory frameworks on cryptoasset issuers and service providers, the challenges faced by market participants, and financial stability vulnerabilities across jurisdictions. The framework consists of high-level recommendations for the regulation, supervision, and oversight of cryptoasset activities, and markets, as well as ‘global stablecoin’ arrangements. The review aims to evaluate the progress made by FSB member and select non-member jurisdictions, including any lessons learned. Responses are sought by 28 March 2025, with the final report scheduled for publication in October 2025.

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