Post-Dodd-Frank Jointly-Operated Electronic Marketplace Relevant to In re Interest Rate Swaps Sherman § 1 Claims

The court partially granted plaintiffs’ motion to compel the production of documents related to a co-operated electronic marketplace because the information could be relevant to plaintiffs’ Sherman § 1 claims. “⁠[T]here is relevance to the Dealers’ joint operation of [the marketplace] after Dodd-Frank. First . . . because of the Dealers’ common control of [the marketplace], after Dodd-Frank, supplied a potential forum for communications antecedent to, and from 2013 on in furtherance of, the well-pleaded conspiracy. Second, after Dodd-Frank, [the marketplace] itself eventually came to operate two [swap execution facilities (SEFs)], but neither operated as an anonymous all-to-all IRS trading platform. While the Dealers were at liberty to direct this aspect of their joint venture in this fashion, their communications with one another as to the strategic direction of [the marketplace’s] SEFs in the post-Dodd-Frank period have potential to illuminate their actions and intentions with respect to the SEFs that did attempt to operate anonymous all-to-all IRS trading platforms.”

In re: Interest Rate Swaps Antitrust Litigation, 1-16-md-02704 (NYSD 2018-01-08, Order) (Paul A. Engelmayer)

2018-01-10T13:12:05+00:00 January 10th, 2018|Antitrust, Docket Report|