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January 21, 2021
Principal Dr. Rosa Abrantes-Metz Authors Article on the Successes and Global Adoption of Screens to Detect Potential Conspiracy and Market Abuse

Brattle Principal Dr. Rosa Abrantes-Metz has authored a short article for the Organisation for Economic Co-operation and Development (OECD) titled, “A Note on Screens’ Worldwide Adoption and Successes.” This article discusses the development of screens and their adoption around the world over the last two decades, with a particular emphasis on their use by Central and South American countries.

Screens analyze data on variables – such as prices, volumes, and market shares – that measure market outcomes to detect potential anticompetitive behavior. Over the last decade, competition authorities and other agencies have begun using screens to detect possible market conspiracies and manipulations, and screens have been crucial tools for uncovering some of the largest modern collusion and conspiracy cases across the globe.

The use of screens has been a successful approach for identifying possible collusion and market manipulation in numerous high-profile financial benchmarks, beginning with the flagging of possible USD LIBOR rigging in 2008 by Abrantes-Metz and Metz, and followed by other IBORS, including Euribor, Yen LIBOR, and TIBOR. Screens were also used to flag possible manipulation in foreign exchange and the London Gold and Silver Fixings. Regulatory agencies worldwide – including the US Securities and Exchange Commission and the US Commodities Futures Trading Commission – routinely use screens to flag potential fraud and market manipulation. Dr. Abrantes-Metz stresses the importance of screens in supplementing cartel detection tools for competition authorities, since those have been almost exclusively comprised of leniency programs until recent years.

The full article can be found on page 10 of the December RCC Lima Newsletter on the OECD website.