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<p>Unilateral parallel algorithmic behaviour describes market outcomes in which competing firms, each deploying its own pricing system, converge on supra-competitive prices without agreement, communication, or data sharing. The result is economically indistinguishable from cartel conduct, yet it falls outside Article 101 TFEU as now understood. This article argues that the gap is doctrinal, not merely evidential. It maps the relevant CJEU and national case law, explains why MiFID II, the Market Abuse Regulation, the AI Act, and the DMA do not close the problem, and examines the comparative position in the United States, the United Kingdom, and Canada. It then proposes a limited reform package aimed at supervision, information, and remedies in EU financial services.</p>

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Unilateral parallel algorithmic behaviour in EU financial services law

  • 期刊论文

  • 发表日期：

    2026年5月26日

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  • Ian Gauci

摘要

Unilateral parallel algorithmic behaviour describes market outcomes in which competing firms, each deploying its own pricing system, converge on supra-competitive prices without agreement, communication, or data sharing. The result is economically indistinguishable from cartel conduct, yet it falls outside Article 101 TFEU as now understood. This article argues that the gap is doctrinal, not merely evidential. It maps the relevant CJEU and national case law, explains why MiFID II, the Market Abuse Regulation, the AI Act, and the DMA do not close the problem, and examines the comparative position in the United States, the United Kingdom, and Canada. It then proposes a limited reform package aimed at supervision, information, and remedies in EU financial services.