Visa to appeal against European Commission fine
The European Commission has fined Visa for refusing to admit Morgan Stanley as a Visa member between 2000 and 2006. Morgan Stanley owns the US Discover Card network, a competing payment network. The Commission found that the exclusion of Morgan Stanley restricted competition in UK merchant acquiring market (the market for provision of credit card acceptance services to retailers).
Morgan Stanley complained to the Commission in 2000, but withdrew its complaint in 2006 following a settlement with Visa. Visa said that it will appeal against the Commission's decision.
Frontier (London) advises Visa Europe.
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