ZWeR 2016, 415

RWS Verlag Kommunikationsforum GmbH, Köln RWS Verlag Kommunikationsforum GmbH, Köln 2199-1723 Zeitschrift für Wettbewerbsrecht ZWeR 2016 AufsätzeRené Plank*

Antitrust and Financial Services in the EU: Commitments in Credit Default Swaps (CDS)

Following the financial crisis, far-reaching regulation of financial services was introduced to achieve sustainable growth and systemic stability. Whereas regulation tackles broad structural market failures, competition policy addresses harmful behaviour of individual market participants. The systemic risks evidenced in the crisis therefore merit specific additional attention to market failures and imperfect competition in financial services, to address issues such as market power, asymmetric information and entry barriers. This article examines a recent example of antitrust enforcement in financial services, focusing on the rationale and adequacy of using antitrust commitments in this sector, addressing the application of this rationale to the recently adopted Commission Decisions in the Credit Default Swaps (CDS) case. It will place the CDS case in context of antitrust enforcement and regulation in financial services, in particular derivatives, and examine the value added of the CDS commitments and the necessity for antitrust enforcement going forward.

Contents

  • I. Antitrust and Financial Services in the EU
  • II. Commitments as antitrust enforcement tools
    • 1. The policy rationale for antitrust commitments
    • 2. Decisional practice
    • 3. Commitments and financial services
  • III. The CDS case: from financial crisis to commitments
    • 1. The CDS Market
    • 2. The initial CDS investigation
    • 3. The continued CDS investigation
    • 4. Markit and ISDA commitments
      • 4.1 Commonalities
      • 4.2 Markit commitments
      • 4.3 ISDA commitments
  • IV. CDS Commitments in context
    • 1. CDS Commitments and decisional practice
    • 2. A transatlantic investigation
    • 3. CDS commitments and derivatives market reform
    • 4. Outlook
*
*)
LL.M. (London), Directorate-General for Competition (DG Comp), European Commission. This article reflects the views of the author and does not represent an official position of the European Commission.

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