European
Commission re-adopts ICAP cartel fine in Yen Interest Rate Derivatives market
The
European Commission has re-adopted a cartel decision against ICAP plc (now NEX
International) imposing EUR6.45 million fines for facilitating five cartels in
the Yen Interest Rate Derivatives trading market.
The
original Commission decision was made in 2015 but in November 2017 the General
Court annulled one of the six of the infringements and reduced the duration of
four. In July 2019 the Court of Justice
dismissed the Commission’s appeal. As ICAP
did not appeal, its liability for the five remaining infringements was made
final.
The
Commission says that its re-adopted decision cures the procedural defects found
by the General Court. It maintains that
re-adopting the decision in this way is necessary for deterrence and
enforcement. The ability of the
Commission to re-adopt decisions which are challenged on appeal is somewhat
unusual. It has been questioned how this
approach is compatible with limitation rules.
https://ec.europa.eu/commission/presscorner/detail/en/mex_21_2744
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