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  • Expert Comment From Warwick Business School Dean Professor Mark Taylor On Bank Of England Suspending A Staff Member In Investigation Over Foreign Exchange Rigging

    Date 05/03/2014

    The Bank of England have suspended a member of staff after investigating potential rigging of the foreign exchange market.

  • Bank Of England: Foreign Exchange Market Review

    Date 05/03/2014

    It is a matter of public record that the Bank of England has been conducting an internal review into allegations that Bank of England officials condoned or were informed of manipulation in the foreign exchange market or the sharing of confidential client information.  This extensive review of documents, emails and other records has to date found no evidence that Bank of England staff colluded in any way in manipulating the foreign exchange market or in sharing confidential client information.  However, the Bank requires its staff to follow rigorous internal control processes and has today suspended a member of staff, pending investigation by the Bank into compliance with those processes.

  • Statement On The Decision Of The European Commission Closing The Case Involving EPEX SPOT

    Date 05/03/2014

    The European Commission closed on 5 March 2014 the antitrust procedure involving EPEX SPOT SE. EPEX SPOT has been subject to an on-site inspection by the Commission in February 2012. This inspection was triggered by alleged anticompetitive outcomes of the cooperation with Nord Pool Spot in the context of the integration of the European energy market by 2014. The Commission has rendered a settlement decision resulting in a fine imposed on EPEX SPOT.

  • Antitrust: European Commission Fines Two Power Exchanges € 5.9 Million In Cartel Settlement

    Date 05/03/2014

    The European Commission has imposed fines totalling € 5 979 000 on the two leading European spot power exchanges, EPEX Spot ("EPEX") and Nord Pool Spot (NPS) for having agreed not to compete with one another for their spot electricity trading services in the European Economic Area (EEA). Such behaviour breaches EU antitrust rules that prohibit cartels and restrictive practices. Power exchanges are organised markets for trading electricity. Spot trading means trading in the short run, such as within the same day or for the next day. NPS and EPEX received a fine reduction of 10% each for agreeing to settle the case with the Commission.

  • Antitrust: European Commission Fines Romanian Power Exchange OPCOM For Discriminating Against EU Electricity Traders

    Date 05/03/2014

    The European Commission has imposed a fine of just over € 1 million on S.C. OPCOM S.A. for abusing its dominant position in the Romanian market for facilitating electricity spot trading, in breach of EU antitrust rules. OPCOM operates the only power exchange in Romania. Power exchanges are organised markets for trading electricity. Spot trading means trading in the short run (e.g. within the same day or for the next day). The Commission found that OPCOM discriminated against EU-based electricity traders from outside Romania for over five years.

    Joaquín Almunia, Commission Vice President in charge of competition policy, said: "Power exchanges are key to the efficient functioning of energy markets, in the best interest of consumers. OPCOM’sabusive behaviour prevented EU traders from joining the Romanian power exchange's spot markets, creating an artificial barrier to entry in breach of EU competition rules. National barriers of this type do not only hamper the completion of a Single Market in energy, but also stand in the way of the development of efficient, liquid markets." (see also the statement)

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