Aug 01, 2018
Tom Bainbridge comments on the European Commission accusing Credit Suisse of antitrust violations in the foreign exchange market. The Directorate-General for Competition began its forex investigation in 2013 under former commissioner for competition Joaquin Almunia. The banks acknowledging involvement in the investigation are Barclays, Bank of America, Citigroup, Deutsche Bank, JP Morgan, HSBC, RBS, UBS and Credit Suisse, and others have been said to be involved as well.
Excerpt from "Credit Suisse Sent SO in Forex Probe," Global Competition Review, August 1, 2018:
Tom Bainbridge, special counsel at Cadwalader Wickersham & Taft in Brussels, said since the European Commission first announced its investigation in 2013, there have been few outward signs of progress in the case. The slow progress “no doubt reflects the size and complexity of the case, which by all accounts includes a number of banks and a very large volume of trader chats,” he said.
Credit Suisse’s decision not to settle and the commission’s statement of objections indicate this will be a hybrid case, Bainbridge said. Recently, the commission’s practice of staggering infringement decisions in hybrid cases has been the subject of appeals to the General Court – most notably ICAP – on the grounds that it breaches the presumption of innocence.
“It will be very interesting to see whether, in this case, if the commission continues its past practice or concludes both parts at the same time,” Bainbridge said.
September 3 Issue
On 13 September, the EBA updated its guidance in respect of the Securitisation Regulation.