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,...

Yen interest rate derivatives cartel (AT.39861): EU Article 101 - bank and broker settlements, ICAP appeal, annulment and 2021 re-adopted decision

Published by a LexisNexis Competition expert

Practice notes

CASE HUB

(NOTE—ICAP lodged an appeal before the General Court in Case T-180/15; see Case T-180/15 Icap and Others v Commission) ARCHIVED – this hub captures the position as at the final decision of 4 February 2015 and is no longer updated. See further: timeline, commentary and related cases.

Case facts

Outline: European Commission article 101 TFEU probe into a cartel affecting Yen interest rate derivatives (Case AT.39861). Five banks (UBS, RBS, Deutsche Bank, JPMorgan and Citigroup) together with RP Martin settled with the Commission and, on 04/12/2013, received aggregate fines of €669.719m; a second broker, ICAP, declined to settle and was later fined €14.96m by the Commission on 04/02/2015.

Latest developments

On 28 May 2021, the Commission issued its re-adopted decision imposing total penalties of €6.45m on ICAP. That decision followed the General Court’s ruling in Case T-180/15, which set aside the fines levied on ICAP in 2015 for inadequate reasoning; the Court of Justice upheld that outcome in Case C-39/18.

Parties

Five banks:

UBS
RBS
Deutsche Bank
JPMorgan
Citigroup.

Two brokers:

RP Martin
ICAP...

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Web page updated on 22/05/2026

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