EC investigation of alleged collusion in the market for FX trading
Since 2015, we have advised a global investment bank in connection with the European Commission (EC) investigation of alleged collusion and manipulation of benchmarks in the global markets for foreign exchange (FX) trading. Our analysis has entailed reviewing trader chat data, with the view to identifying anticompetitive information exchange and conduct as distinguished from market making activity. We have also analyzed forex volumes traded between counterparties across different platforms and in different currency pairs during 2008-2012, to estimate bid-ask spreads and revenues associated with FX trading activity. Our analyses have been submitted to competition authorities involved in the global investigation, including the European Commission and the Swiss Competition Authority. Brattle has also been retained to defend class action damages claims brought against the investment bank in the UK and other EU courts.