NEWSLETTER-2019-metin

99 COMPETITION LAW ing. One of these is The Three Way Banana Split infringement that started on 18 December 2007, and which ended on 31 January 2013, made amongst traders from the UBS, Barclays, RBS, Citigroup and JPMorgan, through communications in three separate, consecutive chatrooms (“Three way banana split / Two and a half men / Only Marge”). The second infringement revealed by the Commission was The Forex-Essex Express that started on started on 14 December 2009, and which ended on 31 July 2012, made amongst traders from the UBS, Barclays, RBS and Bank of Tokyo-Mitsubishi (now MUFG Bank) in two chatrooms (“Essex Express ‘n the Jimmy” and “Semi Grumpy Old men”). Cooperation by the Banks with the Commission The Forex-Three Way Banana Split cartel and Forex-Essex Ex- press cartel decisions are the settlement decisions of the Commission. Under the settlement procedure, the Commission may reward the par- ties who chose to acknowledge their involvement in the cartel and their liability for the same 3 . In return for this acknowledgement, the Commission may reduce the fine imposed on the parties by 10% 4 . In addition to the parties’ cooperation with the Commission under the settlement procedure, the parties may also collaborate by voluntary production of evidence to trigger or advance the Commission’s inves- tigation, which was already covered by the leniency notice 5 . In both the Forex-Three Way Banana Split and Forex-Essex Ex- press cartels, the parties benefited from the settlement reduction (10%) and the leniency reduction that were applied cumulatively. In the Three Way Banana Split infringement, all banks involved benefited from reductions of their fines for their cooperation with the Commission investigation in terms of timing of their cooperation, and the extent to which they provided evidence. In the Forex-Essex Express infringe- ment, all banks except one (MUFG Bank did not apply for leniency ) 3 http://europa.eu/rapid/press-release_IP-08-1056_en.htm?locale=en (Access date 18.06.2019). 4 http://europa.eu/rapid/press-release_IP-08-1056_en.htm?locale=en (Access date 18.06.2019). 5 http://europa.eu/rapid/press-release_IP-08-1056_en.htm?locale=en (Access date 18.06.2019).