Billions of euros in fines on the likes of JPMorgan Chase, Crédit Agricole and HSBC for cartel conduct on financial markets have revealed the EU’s contortions when calculating sanctions for complex trading, using an approach designed in an era of chemicals cartels.
Fines over benchmark rates have garnered criticism at the EU’s top court, and a recent decision showed the regulator’s initial number-crunching arriving at penalties that would have been “over-deterrent.”
With antitrust abuses getting more complicated, the EU’s approach must keep pace with the times.
Bank cartel fines shine light on EU's calculation challenge
29 May 2019 4:53pm