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,...

EU General Court partially annuls Icap Yen interest rate derivatives cartel decision: fines annulled for inadequate reasoning; durations reduced; 'by object' and facilitator liability under Article 101 TFEU upheld

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Practice notes

CASE HUB

(NOTE—appeal brought by the Commission before the Court of Justice in Case C-39/18 P7) ARCHIVED — this case hub records the position as at the judgment dated 10 November 2017 and is no longer being maintained. For more, see: timeline, commentary and relevant/similar cases.

Case facts

On 4 February 2015 the Commission found six breaches of Article 101 TFEU and levied fines totalling €14.9m on the international broker, Icap, on the basis of Icap’s alleged role in facilitating six Cartels in the market for interest rate Derivatives denominated in Japanese yen (‘Yen interest rate derivatives cartels’).

Outline

Appeal to the General Court seeking Annulment, in whole or in part, and/or reductions in the fines imposed in relation to the Commission’s decision of 4 February 2015 concerning the six infringements and the penalties applied to Icap...

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Web page updated on 21/05/2026

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