Yen interest rate derivatives (AT.39861) [Archived]

The following Competition practice note provides comprehensive and up to date legal information covering:

  • Yen interest rate derivatives (AT.39861) [Archived]
  • Case facts
  • Timeline
  • Related cases

Yen interest rate derivatives (AT.39861) [Archived]

CASE HUB (NOTE—appeal lodged by ICAP before the General Court in Case T- 180/15, see Case T- 180/15 Icap and Others v Commission )

ARCHIVED–this archived case hub reflects the position at the date of the final decision of 4 February 2015; it is no longer maintained.

See further, timeline, commentary and related cases.

Case facts

OutlineEuropean Commission Article 101 TFEU investigation into a cartel in the Yen interest rate derivatives market (Case AT.39861). Five banks (UBS, RBS, Deutsche Bank, JPMorgan and Citigroup) and RP Martin settled with the Commission and were fined a combined total of €669.719m on 04/12/2013; a second broker, ICAP, chose not to settle and was subsequently fined €14.96m by the Commission on 04/02/2015.
PartiesFive banks:
• Deutsche Bank
• JPMorgan
• Citigroup.

Two brokers:
• RP Martin
Market(s)Yen interest rate derivatives (YRID).

Derivatives are contracts that are traded on financial markets. They manage the risk of interest rate fluctuations and act as an insurance against price movements and reduce volatility of companies' cash flows—this leads to more reliable financial forecasting, lower capital requirements and higher capital productivity. Derivatives have, in recent years, become a key part of the international financial system and are seen as a crucial tool for risk management and investment. Users of interest rate derivatives include

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