The case focuses on blockchain (and distributed ledger technology or DLT) – a ‘hot’ area of fintech – and on R3 as a fintech consortium that includes some of the world’s largest banks, financial institutions and regulators. R3 started out as a family office in 2014 and evolved into a fintech company focused on the application of distributed ledger technology (DLT).

The case describes a protracted conflict between the Competition Directorate-General of the European Commission, the executive body of the European Union, and the giant American computer software company Microsoft, which resulted in the Commission imposing heavy fines on Microsoft for anti-competitive behaviour for tying its own Windows Media Player to its PC software and for refusing to disclose

In 2002, China became the world’s number-one recipient of inward foreign direct investment (FDI). One of the major attractions was China’s entry into the World Trade Organisation (WTO) in December 2001. Spanish firms, which had previously had a major focus on Latin America, participated in the general enthusiasm.