ICAP’s successful appeal against the EU Commission’s €14.96 million fine for facilitating banks in influencing the LIBOR/TIBOR rates is hugely significant and signals a significant set back for the EU competition authority. The case was complicated and unusual from the start, the European Court of Justice clarified the level of detail required in a decision when issuing a fine for a breach of competition law. Nonetheless, the ICAP saga has serious consequences for companies acting in a facilitator capacity, although interdealer brokers may find some protection from the phase-out of LIBOR to SONIA. Read our alert for a review of this recent decision and the consequences of competition law fines on companies that do not directly take part in cartels but merely facilitate them.