Digital Markets

Digital markets pose fundamental challenges for the private enforcement of antitrust, regulatory and consumer protection rules. These markets often feature platform-based business models, multi-sided markets, direct and indirect network effects, economies of scale and intricate eco-systems. Such features render competition issues more complex and create scope for exclusionary and exploitative practices.  

While digital technologies can sometimes helpfully disrupt concentrated uncompetitive markets, they can also create new opportunities to collude, to exploit and to discriminate. 

As the impact of the digital sector extends beyond information goods and services into other areas of the economy, civil society groups, firms across the economy, and policymakers are increasingly being forced into action to defend the rights of consumers and firms to participate in fair, open and competitive markets.  

Fideres is one of the leading economic consultancies working to address misconduct in digital markets through research and litigation.  

Through our investigative work, we identify evidence of violations of competition law, regulatory rules and consumer protection laws across the jurisdictions in which we operate.  

We assist law firms and regulators throughout the life of the litigation, from filing to settlement.

For any Digital Markets related enquiries please contact Chris Pike at




Original Investigations


Exclusive and quasi-exclusive dealing

Loyalty discounts

Tying and Bundling

Margin squeeze

Refusal to deal

Forced free-riding & content scraping

Privacy policy tying

Platform envelopment

Drip-pricing and other behavioural manipulation

Excessive prices or data collection

Algorithmic discrimination and personalised pricing

Coordinated pricing & price guarantees

Online sales bans & minimum internet advertised prices

Hub and spoke cartels

Algorithmic collusion

Creative Problem Solution

Impact on prices of Most Favoured Nation (MFN) / Price Parity clauses

Market definition

Quantification of network effects

Rule of reason tests

Equally efficient competitor test, vertical arithmetic test

High Quality Expert Work

Expert reports

Expert witness testimony

Merits reports

Plan of allocation and settlement distribution

Damages analysis

Data analysis

Track Record

News and Research


We have used Fideres’s expertise in several commodity market and benchmark manipulation cases. Their knowledge of the financial sector, in particular, has been… valuable to the development and success of the matters we have engaged them on.

David Kovel
Partner, Kirby McInerney LLC

Fideres has consistently produced event studies reports within 24-hours of the request. The speed of the turnaround time has been impressive. They have provided useful insights and charts to explain complex concepts involved in securities litigation filings.

Laura Posner
Partner, Cohen Milstein Sellers & Toll PLLC

I have always found Fideres to be excellent experts. Their work is thoughtful, accurate and displays their valuable real world market experience. They understand the role of an expert in litigation well.

Sharif Shivji
Barrister, 4 Stone Buildings

We have worked with Fideres in relation to several interest rate misselling matters. Their consultants provided us with effective guidance on a variety of aspects, ranging from the valuation of financial instruments, to the bank’s conduct in relation to the… pricing of such instruments.

John Day
Director, DaySparkes Ltd

We have worked with Fideres on several complex securities matters. They have assisted with damages modeling and estimation at the client-outreach stage through to claims filing, in mediation and during the settlement process. Fideres has extensive experience in damage quantification across security types and is a very reliable partner to work with.

Michael Sternhell
Director, Burford Capital LLC

Over the years I have worked closely with Fideres’s research team to investigate new antitrust matters. Their novel investigative approach has led us to work together on several new potential cartel cases and assess their viability at an early stage.

Michael Eisenkraft
Partner, Cohen Milstein Sellers and Toll PLLC

Fideres combines top class financial knowledge with a creative approach in order to provide innovative insights into LIBOR…. They have thoroughly researched and are leading experts on the technical aspects of LIBOR and are professional, reliable and a pleasure to work with.

Philip Young
Partner, Cooke, Young & Keidan LLP

I have engaged Fideres on several securities fraud cases. They have provided our firm with prompt and precise event studies, even in non-standard cases that required innovative approaches.

Bill Schervish
Director, Labaton Sucharow

Fideres have provided our firm with input on various aspects of 10b5 claims, including class-wide damages and market efficiency assessments. They are responsive and their reports clear and to the point.

Jeremy Lieberman
Managing Partner, Pomerantz LLP

Fideres provided us with innovative quantitative analysis that was critical for building this CDS anti-trust case against major dealers. In addition to… [quantifying] the amount of damages, they clearly briefed me and my team on the technical aspects of the CDS market.

Dan Brockett
Partner, Quinn Emanuel Urquhart & Sullivan LLP