Competition Law and Financial Crime: A Comparative Analysis of International Responses to Market Manipulation

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Author: Diana Johnson

ISBN13: 9781032540313
Published: February 2025
Publisher: Routledge
Country of Publication: UK
Format: Hardback 

Description:

Financial crime is a significant drain on economies across the world. This book looks at one aspect of financial crime, that of benchmark interest rate manipulation by competing banks, with the aim of identifying the best approach for the United Kingdom to take to the enforcement of laws against future benchmark manipulation.

The manipulation of any benchmark interest rate by bankers, colluding for their own gain, is likely to negatively affect a large proportion of the population as many people have loans pegged to a benchmark interest rate. This monograph investigates the approach the UK took to enforcing action against the benchmark manipulation which took place in the London Interbank Offered Rate and the Foreign Exchange benchmark manipulation scandals. As part of this investigation, the approaches taken in the European Union and the United States of America are examined and compared to the approach taken in the UK to the same crime, to draw conclusions and make recommendations to improve the UK approach for future instances of benchmark manipulation. The work fills an important gap in the literature by comparing and evaluating the laws and enforcement policies pertaining to the use of competition law in counteracting benchmark manipulation in the UK, EU and US. It argues that competition law is an effective enforcement tool when used in the financial services sector and that it provides regulators with a wide range of enforcement options when a breach of competition law is established.

The book will be a valuable resource for academics, researchers and policy-makers working in the areas of Financial Crime, Competition Law, Comparative Law and Criminal Justice.

Subjects:
Competition Law, Comparative Law, Banking and Finance

Contents:

1. Introduction
2. Background to the LIBOR and FX Benchmark Manipulation Crisis
3. UK Competition Law and Financial Crime
4. EU Competition Law and Financial Crime
5. US Competition Law and Financial Crime
6. UK, EU and US comparison
7. Conclusion and Recommendations

Authors:

Biography

Diana Johnson is Solicitor and Senior Lecturer in Law at the University of the West of England, Bristol. Her research is on financial crime and competition law, with a particular focus on corporate criminal liability, deferred prosecution agreements, fraud and money laundering. Diana has written several publications on these topics and has submitted evidence to policymakers and influential organisations including the Law Commission, the FCA and the Treasury. Diana is a Board Member for the South West Fraud Forum and has experience of contributing to an Innovate UK funded project, which examines the submission of suspicious activity reports to the National Crime Agency for the regulated sectors.

Here are the key benefits of purchasing "Competition Law and Financial Crime":

• In-depth Analysis of Financial Crime:
  • The book provides a detailed examination of benchmark interest rate manipulation, specifically focusing on the LIBOR and FX scandals.
  • It offers a deep dive into a critical area of financial crime that has significant economic impact.
• Comparative Legal Analysis:
  • It presents a valuable comparative analysis of competition law and its enforcement in the UK, EU, and the USA.
  • This allows readers to gain a broader understanding of different regulatory approaches.
• Practical Recommendations:
  • The book aims to identify the best approaches for the UK to enforce laws against future benchmark manipulation.
  • It provides practical recommendations for improving regulatory strategies.
• Filling a Literature Gap:
  • It addresses a crucial gap in existing literature by specifically comparing and evaluating competition law's role in counteracting benchmark manipulation.
• Valuable Resource for Professionals:
  • It serves as a valuable resource for academics, researchers, policymakers, legal professionals, and those working in the financial sector.
  • It provides crucial information for those working in:
    • Financial Crime
    • Competition Law
    • Comparative Law
    • Criminal Justice
    • Banking and Finance.
• Understanding of Regulatory Tools:
  • It gives the reader a greater understanding of how competition law can be used as an effective tool within the financial services sector.
• Understanding of the effects of financial crime:
  • The book details how the manipulation of interest rates negatively effects the general population.

In essence, this book provides a comprehensive and insightful analysis of a complex and important area of law and finance, offering valuable knowledge for a wide range of professionals.

Keywords: Financial Crime, Competition Law, Benchmark Manipulation, LIBOR Scandal, FX Manipulation, Banking Regulation, Comparative Law, Criminal Justice, Financial Regulation, Anti-Trust Law.

Target Audience: Financial Lawyers, Regulatory Compliance Officers, Academic Researchers, Policy Makers, Law Students, Banking Professionals, Financial Analysts, Government Officials, Criminal Justice Professionals, Economists.

Genre: Law, Business, Finance, Criminology, Political Science

Links to International Organizations/Institutions:

• Financial Stability Board (FSB): https://www.fsb.org/ (Focuses on global financial system stability)
• International Monetary Fund (IMF): https://www.imf.org/en/Home (Deals with global financial stability and economic policy)
• Organisation for Economic Co-operation and Development (OECD): https://www.oecd.org/ (Addresses economic and social challenges, including financial crime)
• United Nations Office on Drugs and Crime (UNODC): https://www.unodc.org/unodc/en/index.html (Focuses on crime prevention and criminal justice, including financial crime)