EUROPEAN COMMISSION 
                           Competition DG 
                            
                          
           
           
                                              CASE AT.40135 FOREX 
                                                         (Sterling Lads) 
                                                                          
                                                                          
                                                   (Only the English text is authentic) 
                                                                          
                                                                          
                                                                          
                                             CARTEL PROCEDURE 
                                  Council Regulation (EC) No 1/2003 
                                                                          
                                        Article 7 Regulation (EC) 1/2003 
                                                        Date: 02/12/2021 
                                                                          
           
          This text is made available for information purposes only. A summary of this decision is published 
          in all EU languages in the Official Journal of the European Union. 
          Parts of this text have been edited to ensure that confidential information is not disclosed.  Those 
          parts are replaced by a non-confidential summary in square brackets or are shown as […]. 
           
           
                              EUROPEAN 
                              COMMISSION 
                                               Brussels, 2.12.2021 
                                               C(2021) 8613 final 
                                                          *
                                               SENSITIVE : COMP Operations 
                                 COMMISSION DECISION 
                                       of 2.12.2021 
              relating to a proceeding under Article 101 of the Treaty on the Functioning of the 
                       European Union and Article 53 of the EEA Agreement  
                               AT.40135-FOREX (Sterling Lads) 
                                  (Text with EEA relevance) 
                               (Only the English text is authentic) 
     EN                                                                       EN 
                                                        TABLE OF CONTENTS 
                  1.         Introduction .................................................................................................................. 4 
                  2.         The industry subject to the proceedings ....................................................................... 5 
                  2.1.       The product .................................................................................................................. 5 
                  2.2.       Undertakings subject to these proceedings .................................................................. 7 
                  2.2.1.     The Addressees ............................................................................................................ 7 
                  2.2.1.1.  UBS .............................................................................................................................. 7 
                  2.2.1.2.  Barclays ........................................................................................................................ 7 
                  2.2.1.3.  RBS .............................................................................................................................. 7 
                  2.2.1.4.  HSBC ........................................................................................................................... 7 
                  2.2.2.     The other participating undertaking ............................................................................. 8 
                  2.2.2.1.  [non-addressee] ............................................................................................................ 8 
                  3.         Procedure...................................................................................................................... 8 
                  4.         Description of the events ............................................................................................ 10 
                  4.1.       Nature, scope and functioning.................................................................................... 10 
                  4.1.1.     Evolution and duration of Sterling Lads membership ............................................... 10 
                  4.1.2.     Arrangements reached within the chatroom............................................................... 11 
                  4.1.2.1.  Underlying understanding to participate in the relevant private multilateral chatroom
                              .................................................................................................................................... 11 
                  4.1.2.2.  Extensive exchange of information amongst competitors pursuant to the underlying 
                             understanding ............................................................................................................. 12 
                  4.1.2.3.  Occasional instances of coordination facilitated by the exchange of information..... 16 
                  4.2.       Participation in the conduct ........................................................................................ 16 
                  5.         Legal Assessment ....................................................................................................... 17 
                  5.1.       Application of Article 101(1) of the Treaty and Article 53(1) of the EEA Agreement
                              .................................................................................................................................... 17 
                  5.1.1.     Agreements and/or concerted practices...................................................................... 17 
                  5.1.1.1.  Principles .................................................................................................................... 17 
                  5.1.1.2.  Application to this case .............................................................................................. 20 
                  5.1.2.     Restriction and/or distortion of competition .............................................................. 21 
                  5.1.2.1.  Principles .................................................................................................................... 21 
                  5.1.2.2.  Application to this case .............................................................................................. 22 
                  5.1.3.     Single and continuous infringement........................................................................... 23 
                  5.1.3.1.  Principles .................................................................................................................... 23 
                  5.1.3.2.  Application to this case .............................................................................................. 25 
        EN                                                                1                                                           EN 
                 5.1.4.    Effect upon trade (between Members States and between the EEA contracting 
                           parties) ........................................................................................................................ 26 
                 5.1.4.1.  Principles .................................................................................................................... 26 
                 5.1.4.2.  Application to this case .............................................................................................. 27 
                 5.1.5.    Non-applicability of Article 101(3) of the Treaty and of Article 53(3) of the EEA 
                           Agreement .................................................................................................................. 27 
                 5.1.5.1.  Principles .................................................................................................................... 27 
                 5.1.5.2.  Application to this case .............................................................................................. 27 
                 5.1.6.    Conclusion regarding the application of Article 101 of the Treaty and Article 53 of 
                           the EEA Agreement ................................................................................................... 28 
                 6.        Addressees.................................................................................................................. 28 
                 6.1.      Principles .................................................................................................................... 28 
                 6.2.      Application to this case .............................................................................................. 29 
                 6.2.1.    UBS ............................................................................................................................ 29 
                 6.2.2.    Barclays ...................................................................................................................... 29 
                 6.2.3.    RBS ............................................................................................................................ 30 
                 6.2.4.    HSBC ......................................................................................................................... 31 
                 6.3.      Addressees of this Decision ....................................................................................... 31 
                 6.3.1.    UBS ............................................................................................................................ 31 
                 6.3.2.    Barclays ...................................................................................................................... 31 
                 6.3.3.    RBS ............................................................................................................................ 31 
                 6.3.4.    HSBC ......................................................................................................................... 32 
                 7.        Duration of the infringement ...................................................................................... 32 
                 8.        Remedies .................................................................................................................... 33 
                 8.1.      Article 7 of Regulation (EC) No 1/2003 – Termination of the infringement ............ 33 
                 8.2.      Article 23(2) of Regulation (EC) No 1/2003 – Determination  of the applicable fines
                            .................................................................................................................................... 33 
                 8.2.1.    Calculation of the fines .............................................................................................. 34 
                 8.2.1.1.  The value of sales ....................................................................................................... 34 
                 8.2.1.2.  Determination of the basic amount ............................................................................ 42 
                 8.2.1.3.  Adjustment to the basic amount: ................................................................................ 45 
                 9.        Conclusion: final amount of individual fines to be imposed in this Decision ........... 47 
       EN                                                            2                                                       EN