C‑39/18P, Commission v. Icap Management Services: The Rights of Defense in a Dissuasive Fining System

C‑39/18P, Commission v. Icap Management Services: The Rights of Defense in a Dissuasive Fining System

August 2019 CPI EU News Column edited by Thibault Schrepel, Sam Sadden & Jan Roth (CPI) presents: C‑39/18P, Commission v. Icap Management Services: The Rights of Defense in a Dissuasive Fining System By Godefroy de Moncuit (Business Law and New Technologies Center)1 Click here for a PDF version of the article   Summary On July 10, […]

The LIBOR Scandal and Lessons for Antitrust Compliance Programs

David Flower, Nov 28, 2012 In June of 2012, when regulators in the United States and United Kingdom announced settlements totaling USD $451,000,000 with Barclays Bank, news that a large bank apparently falsified its submissions used to set the LIBOR index outraged lawmakers and the public in both countries. The revelations, for those just hearing […]

The LIBOR Scandal and Lessons for Antitrust Compliance Programs

David Flower, Nov 28, 2012 In June of 2012, when regulators in the United States and United Kingdom announced settlements totaling USD $451,000,000 with Barclays Bank, news that a large bank apparently falsified its submissions used to set the LIBOR index outraged lawmakers and the public in both countries. The revelations, for those just hearing […]

Lessons for Multinational Companies from the LIBOR Investigations: Observations from an Antitrust Perspective

Grant Murray, Douglas Tween, Nov 28, 2012 Hordes of enforcers across the world, including financial regulators, fraud investigators, and antitrust authorities, are looking into the alleged manipulation of LIBOR and other benchmark interest rates. Because a large number of well-known banks have been embroiled in the investigations, and because of the potential impact of manipulating […]

What to Do About LIBOR: A Special CPI Webinar

Nov 28, 2012 On Nov. 20 CPI and Global Economics Group assembled an all-star team to ask several questions: Should LIBOR should be tweaked, overhauled, or blown up? And what happens to all those contracts that are pegged to LIBOR now? The answers will have a global impact. To discuss these issues, CPI brought together: Rosa […]

Lessons from LIBOR for Detection and Deterrence of Cartel Wrongdoing

Rosa Abrantes-Metz, Daniel Sokol, Nov 28, 2012 In late June 2012, Barclays entered a $453 million settlement with U.K. and U.S. regulators due to its manipulation of the London Interbank Offered Rate (Libor) between 2005 and 2009. The Department of Justice (DOJ) Antitrust Division was among the antitrust authorities and regulatory agencies from around the world […]

Will The Wheatley Recommendations Fix LIBOR?

Rosa Abrantes-Metz, David Evans, Nov 28, 2012 The London Interbank Offering Rate has been called “the world’s most important number.” It is the primary benchmark for global short-term interest rates. LIBOR is used as the basis for settlement of interest rate contracts on many of the world’s major futures and options exchanges as well as most […]

Too LIBOR, Too Late: Time to Move to a Market Rate

Michael Barr, Nov 28, 2012 But what about reform? Didn’t the British authorities just fix the problem? No. The “Wheatley Report” issued last month is definitely better than the status quo. It echoes a series of reform proposals first put out by the New York Federal Reserve Bank in 2008-making LIBOR less subject to manipulation, […]

Restraint of Trade: Does Manipulation of LIBOR Fall Within the Sherman Act’s Definition of Trade A Question of First Principles

Michael Eisenkraft, J. Douglas Richards, Nov 28, 2012 Defendants’ motions to dismiss the antitrust claims of the Plaintiffs in the LIBOR multi-district litigation includes an argument that advocates for a limitation on the coverage of Section 1 of the Sherman Act based on the assertion that LIBOR is not a traditional good traded in commerce. […]

Libor Litigation and the Role of Screening: The Need for Enhanced Compliance Programs

Rosa Abrantes-Metz, Jul 28, 2011 The U.S. Department of Justice, the Securities and Exchange Commission, and other regulatory agencies have recently made allegations of a possible conspiracy to manipulate the U.S. dollar Libor rate (“Libor”) by several major banks. These allegations followed the application of empirical methods known as screens to flag unexpected patterns in […]