REF 2021 Impact Case Study: Defining, detecting and preventing manipulative and collusive behaviour in the global over-the-counter (OTC) markets


Description of impact

Alexis Stenfors’ research investigates manipulative and collusive behaviour in the global fixed income, foreign exchange (FX) and money markets. The research underpinning this ICS has:
● Been central in defining the legal boundaries in a [text removed for publication] FX price-fixing class action resulting in over [text removed for publication] million in settlements to date, and a landmark criminal prosecution of EURIBOR manipulation in the UK. This set a precedent for future potential prosecutions and trials by helping to define the line between legal (but perhaps unethical) and criminal wrongdoing by individuals working in the global fixed income, FX and money markets.
● Provided the basis for legal arguments used in major financial litigation cases of LIBOR manipulation and collusion to reach significant financial settlements worth USD658 million with [text removed for publication] banks to date.
● Defined new parameters and alerts, as well as developed new methodologies, within the world‘s leading surveillance system to detect, limit and prevent market manipulative and collusive behaviour to ensure the integrity of global financial markets.
Impact statusOpen
Impact dateJan 2014


  • REF2021