1 June 2023
This edition of the Clifford Chance Financial Services Antitrust Bulletin provides an overview of developments relating to the application of competition law to the financial services sector in early 2023.
In 2023, financial regulators and competition authorities have grappled with challenges in the financial services sector caused by the rise in interest rates and concerns regarding banks such as Credit Suisse and Silicon Valley Bank. While these developments made the headlines, competition authorities continued to look at other areas of the financial services sector, such as payments, cash services, insurance and FinTech. The US Department of Justice Antitrust Division chief, Jonathan Kanter, highlighted financial services as a "massively important" sector where "concentration has grown". These comments were echoed by Gina Cass-Gottlieb, the chair of the Australian Competition and Consumer Commission, who described financial services markets as "critically important". The Clifford Chance Financial Services Antitrust Bulletin charts developments in Europe, North America and the Asia Pacific region.