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,...

European Commission Article 101 TFEU decision: Swiss franc LIBOR manipulation and bid-ask spread cartel in interest rate derivatives; fines for RBS, JPMorgan, UBS and Crédit Suisse (21 October 2014)

Published by a LexisNexis Competition expert

Practice notes

CASE HUB ARCHIVED

This archived case hub reflects the position as at the decision date of 21 October 2014; it is no longer maintained. See further, timeline, commentary and related cases.

Case facts

Outline

European Commission Article 101 TFEU investigation into Cartels in the Swiss franc interest rate Derivatives sector (Case COMP/39.924). The Commission identified two distinct infringements—one concerning bid-ask spreads and another relating to influencing the Swiss franc LIBOR interest rate. Settlements and fines for both infringements were announced on 21/10/2014.

Parties

RBS (active in both the Swiss franc LIBOR cartel and the bid-ask spreads cartel)
JPMorgan (active in both the Swiss franc LIBOR cartel and the bid-ask spreads cartel)
UBS (active in the bid-ask spreads cartel)
Crédit Suisse (active in the bid-ask spreads cartel)

Market(s)

Swiss franc interest rate derivatives in the EEA. Derivatives are contracts traded on financial markets. They manage the risk of interest rate movements, act as insurance against price changes and reduce volatility in companies’ cash flows—supporting more reliable financial forecasting, lower capital requirements and stronger capital productivity. Derivatives have, in recent years, become a key part of the...

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