European Commission fines broker ICAP €14.9 million for participation in several cartels in Yen interest rate derivatives
The European Commission has fined the UK based broker ICAP €14 960 000 for having breached Article 101 by facilitating several cartels in the sector of Yen interest rate derivatives. In December 2013, the Commission imposed fines on a number of major banks that decided to settle the case with the Commission. Click here.
CMA to refer Stagecoach/Virgin consortium bid for the East Coast rail franchise for Phase 2 investigation unless undertakings given
The CMA has concluded that the successful bid to run the East Coast rail franchise by ICRL, a subsidiary jointly owned by Stagecoach and Virgin Trains, could give rise to competition concerns on certain overlapping routes with Stagecoach’s East Midland Trains and Citylink coach services. ICRL now has the opportunity to offer undertakings to resolve the competition concerns identified by the CMA within 5 working days. Click here.
Competition Appeal Tribunal
BIS has launched a consultation on draft revised Competition Appeal Tribunal Rules of Procedure to give effect to the proposed changes to competition law in the Consumer Rights Bill. Click here.
Ofgem has opened an investigation into whether companies providing a supporting service for the energy industry have breached Chapter I of the Competition Act 1998 and/or Article 101. Click here.