Margin Squeeze in Mexican Mobile Telecommunications

On April 7^th 2011, the Mexican Competition Commission (“CFC”) imposed a historic fine against TELCEL, the largest mobile operator in Mexico and a subsidiary of the Latin American telecommunications giant America Movil. The fine was motivated by the identification of allegedly anticompetitive conduct in the market for the “termination” of mobile and fixed calls into TELCEL’s mobile network during a period of time that spanned Ju