The exchange of information through various channels has
always been common in Hong Kong and Singapore, and is regarded
as both casual and innocuous in all industries.
With these financial hubs having small and few players,
information tends to be circulated – either directly
or through a third party such as a customer – quickly
But panelists at this year’s IFLR Asia M&A
Forum, which took place earlier this month, pointed out that
due to these unique market conditions, many traders are
ill-informed of the legal liability attaching to such
"In Asia, with competition regulators being still relatively
new, information exchange is not typically pursued as a
standalone infringement. But rather, as part of a wider,
usually hardcore offence such as price fixing or market
Clara Ingen-Housz, a partner at Linklaters in Hong Kong.
"They are called abnormal competition conditions."
In Hong Kong, where...