A critical and comparative analysis of the role of competition law in relation to the regulation and enforcement of financial crime in the United Kingdom, European Union and the United States of America

Johnson, Diana

Abstract

Financial crime is a significant drain on economies across the world. This thesis will look 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 UK to take to the enforcement of 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 individuals and businesses have loans pegged to a benchmark interest rate. This thesis investigates the approach the United Kingdom (UK) took to enforcing the benchmark manipulation which took place in the London Interbank Offered Rate (LIBOR) and the Foreign Exchange (FX) benchmark manipulation scandals of 2012-14. As part of this investigation, the approaches to the enforcement of benchmark manipulation taken in the European Union (EU) and the United States of America (US) are examined and compared to the approach taken in the UK, in order to draw conclusions and make recommendations to improve the UK approach for future instances of benchmark manipulation. This thesis provides a unique contribution to knowledge by comparing and evaluating the laws and enforcement policies pertaining to the use of competition law in the enforcement of benchmark manipulation in the UK, EU and US. This thesis 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. Significant insights can be gained from the EU and US in their use of competition law to enforce benchmark manipulation.

• Thesis Type: Thesis
• Deposit Date: Oct 3, 2022
• Publicly Available Date: Feb 23, 2025
• Public URL: https://uwe-repository.worktribe.com/output/10014269
• Award Date: Feb 22, 2023