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Competition Law Enforcement in the Financial Markets

Botond Horváth
Case Handler at the Office of Decision Support of the Hungarian Competition Authority

Szabolcs Szentléleky
Case Handler at the Office of Decision Support of the Hungarian Competition Authority

Published in: Public Finance Quarterly 2014/1 (p. 28-46.)


Summary: The authors intend to give a comprehensive view on the most recent antitrust competition law developments in the financial markets. Within the field of restrictive agreements, the authors present the Commission resolution on the manipulation of interbank reference rates, the Hungarian bank cartel case which resulted in a record fine, the Commission’s investigations concerning the credit default swap markets, and the EU and Hungarian competition authority proceedings concerning multilateral interchange fees. Within the field of abuse of dominance, the authors present two specific cases concerning the data-feed market, namely the cases of Standard & Poor’s and Thomson Reuters, which were both settled with commitments, while with respect to mergers, they sum up the competition law-related problems that arose in connection with the merger of the New York Stock Exchange Euronext and the Deutsche Börse.

Keywords: bank cartel, CDS, MIF, financial market data-feed, merger

Journal of Economic Literature (JEL) kód: K21


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