Antitrust & Financial Services

United States CFTC fines Bank of America for ISDAfix manipulation

Oct 12, 2018

On 20 September 2018, the United States Commodity Futures Trading Commission (CFTC) ordered Bank of America, N.A (Bank of America) to pay a $30 million civil penalty to settle charges of manipulation of the ISDAfix interest rate benchmark.

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust
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London court sentences two former traders for Euribor manipulation

Aug 13, 2018

On 19 July 2018, as a result of a prosecution brought by the Serious Fraud Office (SFO), a London court sentenced two former traders, Phillipe Moryoussef and Christian Bittar, to eight years and five years in prison for conspiracy to defraud by manipulation of the ‘Euribor’ interest rate benchmark. It follows similar convictions in relation to ‘Libor’ manipulation in 2015 and 2016.

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust
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UK Payment Systems Regulator to Review Card-acquiring Services

Aug 07, 2018

On 24 July 2018, the UK Payment Systems Regulator (PSR) announced its intention to conduct a market review into card-acquiring services in the UK. The review could involve significant consequences for UK payment card schemes and acquirers in terms of regulatory changes and antitrust sanctions.

 

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust
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FX: Credit Suisse Signals Intention to Contest the European Commission’s Case

May 09, 2018

Manipulation of foreign exchange (FX) benchmarks has been one of the largest and longest-running probes into collusion between banks and related misconduct.

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Brussels, London
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UK LIBOR Claim for Antitrust Damages – Banks Apply to Strike Out

Apr 05, 2018

In what is understood to be the first LIBOR-related antitrust case in the UK (FDIC v Barclays and others), defendants have applied in the High Court in London to have the claims against them struck out. 

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Brussels, London
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U.S. Antitrust Case Alleges Banks Manipulated Mexican Government Bond Market

Apr 03, 2018

On 30 March 2018, two U.S. pension funds filed the first U.S. class action alleging illegal coordinated conduct by and among authorized dealers of Mexican government bonds (MGBs).

Related Attorney(s): Brian Wallach
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): New York, Washington
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U.S. Federal District Court Certifies Class Action Alleging Libor Manipulation

Mar 20, 2018

On 28 February 2018, the district court for the Southern District of New York certified a class of over-the-counter (“OTC”) investors suing Bank of America and JP Morgan. The investors are pursuing federal antitrust claims alleging the banks manipulated the London Interbank Offered Rate (“Libor”).

Related Attorney(s): Ngoc Hulbig
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Charlotte, New York, Washington
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The UK Payment Systems Regulator Opens First Antitrust Case

Mar 05, 2018

On 28 February 2018, the UK Payment Systems Regulator (PSR) confirmed that it has opened its first antitrust investigation, and has conducted dawn raids at a number of sites around the country. The PSR has not yet disclosed the identities of the payment systems firms under investigation or the suspected misconduct.

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Brussels, London
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UK Antitrust Authority Sets Out Its Brexit Preparations

Feb 27, 2018

On 22 February 2018, Competition and Markets Authority (“CMA”) General Counsel, Sarah Cardell, gave a speech setting out the UK competition authority’s objectives and the steps taken to prepare for Brexit. This is a matter of importance for all sectors, but particularly the financial services sector that plays such a significant role in the UK economy.

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Brussels, London
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UK Antitrust Authority Investigation of Investment Consultants: Progress Report

Feb 26, 2018

In September 2017, the UK antitrust authority, the Competition & Markets Authority (CMA), began a market investigation into competitive conditions in investment consultancy and fiduciary management services. On 21 February 2018, the CMA declared that it has made progress, is about to publish its working papers, and launch a further information gathering exercise. The CMA states that it is contemplating remedial action and expects to publish a provisional decision in July 2018.

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Brussels, London
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The Spanish Competition Authority Fines Four Banks for Fixing Derivative Prices

Feb 22, 2018

On 13 February 2018, the Spanish Competition Authority, the National Commission for Markets and Competition (CNMC), fined four banks, Caixabank, Banco Santander, BBVA and Banco Sabadell, a total of € 91 million for colluding on the price of interest-rate derivatives, used to hedge risks related to syndicated loans for project finance. 

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Brussels, London
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The UK Antitrust Authority Launches a New Campaign to Encourage Whistle-blowing and Increase Its Cartel Enforcement Activity

Feb 19, 2018

On 19 February 2018, the UK antitrust authority, the Competition and Markets Authority (CMA), launched a new advertising campaign to encourage more individuals to come forward with information that will help it uncover secret cartels. 

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Brussels, London
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FCA Launches Study Into Non-workplace Pensions

Feb 07, 2018

On 2 February 2018, the Financial Conduct Authority (FCA) launched a study into the state of competition in “non-workplace pensions”.  Citing potential concerns, the FCA announced its intention to look for evidence of consumer harm, and if any is found to propose remedies.  

Related Attorney(s): Tom Bainbridge, Vincent Brophy
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Brussels, London
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Bank of England Creates Independent Committee to Decide Contested Enforcement Cases

Jan 10, 2018

The Bank of England (BoE) is set to establish a new ‘Enforcement Decision Making Committee’ (EDMC) for its Prudential Regulation Authority (PRA). The Committee, which will be composed of independent members, will decide so-called ‘contested cases’ where no settlement agreement could be reached between the PRA and the firm or individual under investigation.

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Brussels, London
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FCA Issues First Ever Antitrust Charges

Dec 01, 2017

On 29 November 2017, the UK Financial Conduct Authority (FCA) issued a statement of objections (i.e. charges) against four asset management firms: Artemis Investment; Hagreave Hale; Newton Investment Management; and River & Mercantile Group.

Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Brussels, London
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CadwaladerSpotlight

October 29-30 | SFIG Residential Mortgage Finance Symposium 2018

Chris Gavin will discuss “How to Value the RMBS 2.0 Market - Beyond Just Credit.”

Cadwalader's research and intelligence platform provides analysis on changes in U.S. financial regulation. Subscribers receive a daily newsletter interpreting new laws, rules and enforcement actions that impact financial institutions.