Jurisdiction(s):
United Kingdom

Key definition

Derivatives definition

What does Derivatives mean? Derivatives are contracts used to transfer or manage risk, whose value is determined by an underlying asset, interest rate, currency, index, commodity, security or credit event. Common types include futures, options, swaps (interest rate and currency), forwards and credit derivatives (such as credit default swaps), traded on exchanges or over the counter. Legally, derivatives create payment or delivery obligations calculated by reference to the underlying. They are typically documented under an ISDA Master Agreement with a Credit Support Annex for collateral, and depend on close-out netting upon default. Key issues include counterparty capacity and authority, governing law and jurisdiction,...

Euro interest rate derivatives cartel: EU General Court upholds HSBC Article 101 infringement but annuls fine for insufficient reasons in calculation; clarifies scope of single and continuous infringement

Published by a LexisNexis Competition expert

Practice notes

CASE HUB NOTE—appeal lodged before the Court of Justice in Cases C-806/19 P and C-883/19 P ARCHIVED —this archived case hub records the state of play as at the judgment dated 24 September 2019; it is no longer maintained. See further: timeline and relevant/related cases.

Case facts

Outline: Appeal brought before the General Court challenging the Commission’s decision of 7 December 2016, which found infringements and levied fines on three banks that did not settle, due to their involvement in a cartel in the Euro interest rate derivatives (EIRD) market (Case AT.39914).

Latest developments

On 24 September 2019, the General Court delivered its judgment, largely confirming the Commission’s conclusion that HSBC Holdings plc took part in a single and continuous infringement of article 101(1) TFEU. Nonetheless, the General Court set aside the fine imposed on HSBC Holdings plc because the Commission provided ‘insufficient reasons’ for the methodology used to calculate that penalty...

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Web page updated on 22/05/2026

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