Four top investment firms 'may have broken competition law' by colluding on the pricing of company flotations
Four investment firms may have broken competition law by sharing price information on floats and share issues, according to the City watchdog.
The Financial Conduct Authority has said Artemis, Hargreave Hale, Newton and River & Mercantile exchanged their trading intentions before the share prices were set for one or two initial public offerings and a share placing.
It added that the sharing 'generally occurred on a bilateral basis and allowed firms to know the other's plans during the IPO or placing process when they should have been competing for shares.'
The so-called 'statement of... read more
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