Intelligence

The UK Financial Conduct Authority has accepted binding commitments from 11 day traders following an investigation into suspected exchange of competitively sensitive information and coordination of trading strategies in commodity futures markets. The decision highlights critical compliance priorities for firms operating trading arcades and shared trading infrastructure, while leaving key legal questions deliberately unanswered. What does this enforcement action signal about the FCA's approach to antitrust e

The European General Court has upheld the Commission's prohibition of Booking's acquisition of eTraveli Group, endorsing a novel 'ecosystem' theory of harm that allows intervention even where market share increases are minimal. This landmark ruling significantly expands the Commission's ability to challenge acquisitions by dominant firms in digital markets, establishing that transactions which merely perpetuate existing low levels of competition can constitute significant impediments to effective

The UK Competition and Markets Authority has formalised its new approach to assessing efficiency arguments in merger control cases, marking a significant shift toward a more holistic evaluation framework. This updated guidance, which emerged from the CMA's 4Ps initiative, introduces the concept of Rivalry-Enhancing Efficiencies and establishes clearer pathways for merging parties to demonstrate competitive benefits.

Competition law affects every business, regardless of size or sector. Whether you’re negotiating with suppliers, submitting tenders or discussing pricing strategies, the rules governing anti-competitive behaviour are always in play. Getting it wrong can result in significant fines, director disqualification and even criminal prosecution.

The UK's Competition and Markets Authority has published revised guidance on assessing merger efficiencies, marking a significant shift toward greater receptivity to efficiency-based arguments in merger reviews. The new provisions introduce more flexible evidentiary standards, recognize the potential role of behavioral remedies in securing efficiencies, and encourage parties to advance efficiency claims earlier in the review process without implying acceptance of competitive concerns.

Political change, regulatory reform, and geopolitical uncertainty are major preoccupations for companies and their counsel navigating international mergers. These pressures were the focus of a recent GCR Live Europe event in Brussels, where competition experts, practitioners, and other stakeholders addressed the current and future landscapes of antitrust enforcement in the EU and US.