Cartel participation as well as the act of contributing to the implementation of a cartel can lead to substantial fines. The European Commission recently imposed a fine of nearly EUR 15 million on interdealer broker ICAP for facilitating six of the seven cartels amongst banks in the sector of Yen interest rate derivatives. A variation on the accessory role of cartel facilitators as laid down in earlier EU case law, so it seems. This time, the company involved did not merely assist in the implementation of the cartel by organising meetings and covering up evidence of the infringement, but also allegedly facilitated the cartels by disseminating misleading information and using its contacts at banks to influence benchmark submissions. Companies should therefore keep in mind that the cartel prohibition covers all levels of cartel participation, whether active, passive or subsidiary.
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