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Yen Interest Rate Derivatives

Related Lawyers: Anthony Maton, John McElroy, Lianne Craig, David Lawne
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In 2013, the Commission imposed a € 669,719,000 fine on several banks: UBS, RBS, Deutsche Bank, Citigroup, JPMorgan and on the broker RP Martin. On the 4 February 2015 ICAP, the UK base broker, was found guilty of facilitating several cartels in the sector of Yen interest rate derivatives (YIRD).

Between 2007 and 2010, traders discussed on certain JPY LIBOR submissions and exchanged commercially sensitive information regarding trading positions or future JPY LIBOR submissions. These practices formed seven distinct infringements lasting between 1 and 10 months.

In the YIRD sector, the Commission uncovered seven distinct bilateral infringements lasting between 1 and 10 months in the period 2007 to 2010. The anticompetitive conduct concerned discussions between traders of the participating banks on certain JPY LIBOR submissions. The traders involved also exchanged, on occasions, commercially sensitive information relating either to trading positions or to future JPY LIBOR submissions.

Although the banks decided to settle, ICAP refused the settlement and continued the proceedings. The Commission considered that ICAP had helped facilitate six of the seven cartel and, therefore, was fined by the Commission.

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