Antitrust and Financial Services in the EU: Commitments in Credit Default Swaps (CDS)
Abstract
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.
Abstract
Antitrust and Financial Services in the EU: Commitments in Credit Default Swaps (CDS)
The article deals with the close interrelation between regulation and antitrust enforcement in financial services. It examines a recent example where antitrust principles were applied through adoption of commitments under Article 9 of Regulation (EC) No 1/2003 in the market for credit default swaps, introducing supervised FRAND licensing obligations for certain key inputs. It analyses the adequacy of this tool and its value added for antitrust and regulation and examines the continued necessity of such antitrust enforcement in financial services in order to address issues such as market power, asymmetric information and entry barriers.
© 2016 RWS Verlag Kommunikationsforum GmbH, Aachener Str. 222, 50931 Köln.
Artikel in diesem Heft
- Cover
- Inhaltsverzeichnis
- Veranstaltungshinweise
- Editorial
- Editorial
- Editorial
- Aufsätze
- Gebiets- und Kundenzuweisungen bei Produktions-Joint-Ventures
- Neue Impulse für ein globalisiertes Kartellrecht
- “Collective Redress” in European Competition Law
- Antitrust and Financial Services in the EU: Commitments in Credit Default Swaps (CDS)
- Entschärfung der Vorstandshaftung im Kontext kartellrechtlicher Kronzeugenregelungen
- Liefergemeinschaften im Walzasphaltsektor im Kreuzfeuer des Kartellrechts
- Impressum
Artikel in diesem Heft
- Cover
- Inhaltsverzeichnis
- Veranstaltungshinweise
- Editorial
- Editorial
- Editorial
- Aufsätze
- Gebiets- und Kundenzuweisungen bei Produktions-Joint-Ventures
- Neue Impulse für ein globalisiertes Kartellrecht
- “Collective Redress” in European Competition Law
- Antitrust and Financial Services in the EU: Commitments in Credit Default Swaps (CDS)
- Entschärfung der Vorstandshaftung im Kontext kartellrechtlicher Kronzeugenregelungen
- Liefergemeinschaften im Walzasphaltsektor im Kreuzfeuer des Kartellrechts
- Impressum
