Trust and Trade

What makes the price charged by a digital platform illegal? Host Anant Raut talks to antitrust economists Tasneem Chipty and Michael Katz about the legality of high and low prices, cross-platform network effects, and contentious practices like predatory pricing and bundled discounts. Learn how antitrust law looks at MFNs, "free" online services, and two-sided markets in this spellbinding episode! With special guests: Dr. Tasneem Chipty, Founder, Chipty Economics LLC and Dr. Michael Katz, Professor Emeritus, Haas School of Business University of California Berkeley Hosted by: Anant Raut

Should Big Tech companies be required to open up their intellectual property when they break the antitrust laws? In this episode of Trust and Trade, experts debate whether requiring Apple to open up its app store restrictions, or Google to license its search data and divest Android, reduce incentives to innovate or are necessary to restore competitive balance. DuckDuckGo’s Joe Jerome and economist Keith Waehrer join host Anant Raut and co-host Jennifer Dixton to talk about how far is too far and what’s at stake for digital markets. With special guests: Joe Jerome, Senior Public Policy Manager, DuckDuckGo and Dr. Keith Waehrer, Managing Director, Secretariat Hosted by: Anant Raut and Jennifer Dixton

How is Brazil shaping AI regulation in the Global South? Our latest episode explores the Brazil AI Act, which if passed would become the first comprehensive federal AI regulation in the world to require AI companies to pay creators for using their work to train their systems. Pinheiro Neto Advogados's Raphael de Cunto joins host Anant Raut and co-hosts Rory Macmillan and Nina Jayne Carroll for a conversation on how Brazil’s approach could create a blueprint for global AI regulation, and its implications for innovation and enforcement. With special guest: Raphael de Cunto, Partner, Pinheiro Neto Advogados Hosted by: Anant Raut, Rory Macmillan, and Nina Jayne Carroll

How will the "Brussels effect" shape AI regulation across the rest of the globe? Europe is once again the first to regulate a new digital market, with the adoption of the AI Act. But was it passed too hastily? N-Square's Caroline De Cock joins host Anant Raut and guest co-hosts Rory Macmillan and Nina Jayne Carroll to discuss what we know the AI Act requires, what remains ambiguous, and the parts that EU enforcers have already begun to reconsider. If you're a practitioner advising clients, or a policymaker considering AI regulation of your own, this episode is truly a must-listen! With special guest: Caroline De Cock, Founder and Managing Partner, N-Square Hosted by: Anant Raut, Rory Macmillan, and Nina Jayne Carroll

How are different countries shaping the future of AI? We start a brand-new series on Trust and Trade examining different regulatory approaches to artificial intelligence around the world. In this kickoff episode, experts Viktor Mayer-Schönberger and Anu Bradford debate strong vs light regulatory approaches to AI and explain "the Brussels effect." Will regulating too much/too soon quash innovation? Will regulating too lightly/too late open Pandora's Box? Join this lively conversation hosted by Anant Raut and guest co-hosts Rory Macmillan and Nina Jayne Carroll! With special guests: Anu Bradford, Professor, Columbia Law School and Viktor Mayer-Schonberger, Professor, University of Oxford Hosted by: Anant Raut, Rory Macmillan, and Nina Jayne Carrol

Can defendants now wield the “quick look” test to beat antitrust claims? In this episode of Trust and Trade, experts unpack the meaning of Justice Gorsuch's language in the Supreme Court’s Alston decision, and debate whether “quick look condemnation” is a game-changer or just rare dicta. Tune in for real-world insights and lively discussion featuring former FTC Commissioner Terry Calvani and Jones Day's Larissa Bergin, moderated by host Anant Raut and guest co-host University of South Carolina School of Law's Prof. Travis Wheeler! With special guests: Hon. Terry Calvani, former Commissioner, Federal Trade Commission and Larissa Bergin, Partner, Jones Day Related Links: NCAA v Alston (2021) Hosted by: Anant Raut and Travis Wheeler

Thinking about investing in Australia? This episode of Trust and Trade dives into Australia's sweeping new merger control reforms and their impact on foreign investment. Antitrust partner Kirsten Webb and Department of Treasury's (AUS) Annalisa Heger break down the changes, from mandatory filings to faster reviews, and how they interact with existing foreign investment controls. Stay ahead of the curve and learn what these updates mean for global investors! With special guests: Kirsten Webb, Partner, Clayton Utz and Annalisa Heger, Senior Adviser, Department of the Treasury (AUS) Hosted by: Anant Raut

Can antitrust law keep up with the rapidly evolving space industry? This episode of Trust and Trade examines the challenges in maintaining a level playing field in space travel, satellite launches, and deep-space exploration. Space law expert Maria Rhimbassen and antitrust expert Dylan Carson join Anant Raut and co-host Amanda Norton to discuss government intervention, market monopolization, and the legal gaps in space regulation. Can we rely on the free market to preserve competition in space? Or is the race to become an interstellar species winner-take-all? With special guests: Maria Rhimbassen, Researcher, University of Toulouse and Dylan Carson, Partner, Manatt, Phelps & Phillips LLP Related Links: From Toxic to Noble Competition: Implementing a New Perspective of Antitrust in Outer Space Based on Ethics and Beyond Hosted by: Anant Raut and Amanda Norton

Has the entrance of DeepSeek completely disrupted competition in AI? App developer Scott Weiner and antitrust expert Elyse Dorsey discuss the concentration concerns at every level of the AI stack. Later we examine whether the emergence of DeepSeek, a Chinese AI startup, completely changes how we think about what is needed to compete at the app level in AI. We conclude by looking ahead to where the AI app market may be a year from now. With special guests: Scott Weiner, AI Lead and Fractional Chief Technology Officer, NeuEon and Elyse Dorsey, Partner, Kirkland & Ellis LLP Hosted by: Anant Raut

Do you find it unnerving when ads follow you around the internet? Today's episode reveals how websites monetize user behavior through advertising technologies such as tracking pixels. Our panel of advertising and privacy experts explain how ad re-targeting works, and debate the Federal Trade Commission's guidance on improper use of pixel technology and the potential impact on businesses and consumers. With special guests: Michael Sherling, Attorney, Federal Trade Commission, Olivia Adendorff, Partner, Kirkland & Ellis LLP, and Alan Butler, Executive Director and President, Electronic Privacy Information Center Related Links: Lurking Beneath the Surface: Hidden Impacts of Pixel Tracking,  Hosted by: Anant Raut

In this episode, experts dive into the novel approach of adding racketeering charges in private antitrust litigation. Initially used to bring down organized crime rings, claims under the Racketeer Influenced and Corrupt Organizations Act (RICO) have appeared in plaintiffs' lawsuits in the LIBOR and broiler chicken price-fixing cases. Host Anant Raut and co-host Sam Randall of Sperling Kenny Nachtwalter talk to Christina Lopez of the California DOJ and Ryan Holt of Sherrard Roe Voigt & Harbison PLC on the challenges of arguing RICO violations in antitrust suits. Later, they discuss how this might apply to algorithmic pricing. With special guests: Christina Lopez, Deputy Attorney General, California Department of Justice and Ryan Holt, Member, Sherrard Roe Voigt & Harbison, PLC Hosted by: Anant Raut and Sam Randall

In this latest episode of our wildly popular "Mergernomics" series, Ph.D. economist Dr. Joanna Tsai explains diversion analysis, an economic tool used by antitrust enforcers to examine how closely two companies compete and whether their merger will be bad for consumers. Host Anant Raut and co-host Carla Hine then dive into different types of diversion analysis, as well as some of the limitations of the test. With special guest: Joanna Tsai, Vice President, Cornerstone Research Related Links: The Role of Economic Analyses in Preparing for the First 30 Days of A Merger Review,  Hosted by: Anant Raut and Carla Hine

In the latest episode of our popular "Mergernomics" series, Ted Rosenbaum, Deputy Director in the Bureau of Economics at the U.S. Federal Trade Commission, explains how enforcers apply merger simulations to predict market changes after a proposed merger, sometimes with unexpected results. Hosts Anant Raut and Virginie Caspard then dive into two enforcement actions (against the Aetna-Humana and Wilhelmsen-Drew mergers) where merger simulations were used, and later discuss whether merger simulations are as useful in analyzing non-price markets. With special guest: Ted Rosenbaum, Deputy Director, Bureau of Economics, U.S. Federal Trade Commission Hosted by: Anant Raut and Virginie Caspard

In the latest episode in our popular "Mergernomics" series, Compass Lexecon's Hélder Vasconcelos tells you everything you need to know about bargaining leverage theory - how to calculate it, what it means, and when to use it. Hosts Anant Raut and Paula Camara discuss with Dr. Vasconcelos how merger enforcers applied this theory in their reviews of the AT&T/Time Warner and Fresenius/NxStage mergers, and differences between the US and European approaches. The panel also talks about the challenges and limitations of using bargaining leverage theory. With special guests: Paula Camara, Partner, Matthos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados and Helder Vasconcelos, Senior Vice President, Compass Lexecon Hosted by: Anant Raut

By now in our popular "Mergernomics" series you've learned how to calculate the potential harm from a horizontal merger; but how do you measure the risk from a vertical merger? In this episode, Cornerstone Research's Dr. Craig Malam tells you everything you need to know about "Vertical Math" analysis in merger review - how to calculate it, what it tells you, and when to use it. Hosts Anant Raut and Analysis Group's Emily Cotton use Microsoft's controversial acquisition of video game maker Activision to discuss with Dr. Malam how to assess the risks of total or partial foreclosure from a vertical merger and how to use this analytical tool in relation to other economic tests in this series. With special guests: Dr. Craig Malam, Principal, Cornerstone Research and Emily Cotton, Managing Principal, Analysis Group Hosted by: Anant Raut

In this episode, listeners will hear the oral history of the landmark capacitors price-fixing case, a case that went to trial not once but twice in the midst of a worldwide pandemic. Attorneys for both the plaintiffs and the defense discuss their courtroom strategies, their approach to damages and guilty pleas, and adjustments they had to make on the fly in response to an unprecedented global health crisis. Later, presiding Judge James Donato shares his perspective on what worked well and what didn't, as well as advice he wishes every trial lawyer would follow, that no litigator will want to miss! With special guests: Christopher Young, Partner, Joseph Saveri Law Firm Steven Williams, Founder, Steven Williams Law P.C. David D. Cross, Partner, Goodwin Procter LLP Margaret A. Webb, Morrison & Foerster LLP The Hon. James Donato, United States District Judge, Northern District of California Hosted by: Anant Raut

In this episode of Trust and Trade, Dr. Elizabeth Wang, Executive VP of economic consulting firm Compass Lexecon, explains how antitrust enforcers use the Gross Upward Pricing Pressure Index (GUPPI) analysis to determine whether to stop a merger. Dr. Wang walks listeners through what the GUPPI test is, what it tells you, when to use it, and its advantages and limitations. Later, host Anant Raut and co-host NERA's Anton Kandalin discuss how the GUPPI test was used to challenge the Penguin Random House and Simon & Schuster mergers. With special guest: Dr. Elizabeth Wang, Executive Vice President, Compass Lexecon Hosted by: Anant Raut and Antonin Kaladin

Why are groceries more expensive than they were 4 years ago? In this episode, agriculture policy expert Austin Frerick and economist Tim Richards debate the impact of consolidation on food prices, and the role antitrust should play. Hosts Anant Raut, Evan Harris, and Erika Inwald later discuss the Federal Trade Commission's lawsuit to block the Kroger-Albertson's merger, and what to expect at trial later this month. With special guests: Austin Frerick, Fellow, Thurman Arnold Project (Yale University) and Dr. Timothy J. Richards, Morrison Chair of Agribusiness, W. P. Carey School of Business (Arizona State University) Hosted by: Anant Raut, Evan Harris, Morrison Foerster LLP, and Erika Inwald, Hausfeld LLP

In this episode you'll learn everything you need to know about the Critical Loss test used by enforcers to determine whether to block a merger - what it tells you, how to calculate it, and when to use it. Guest Ron Drennan, Economic Advisor to the DOJ Antitrust Division and former acting director of economics, explains how Critical Loss predicts the profitability of a post-merger price increase. Co-hosts Scott Scheele and Anant Raut later discuss real world cases where the Critical Loss test was used by the DOJ in litigation (H&R Block/TaxAct and Aetna/Humana), with mixed results. The latest in our "Mergernomics" series, demystifying the economic tools used in merger analysis! With special guest: Ronald Drennan, Economic Advisor, United States Department of Justice Antitrust Division Hosted by: Anant Raut and Scott Scheele, Kirkland & Ellis LLP

In this episode, Open Markets Institute's Sandeep Vaheesan and former acting FTC Chair Maureen Ohlhausen discuss the looming nationwide ban on noncompete clauses for workers and debate the roots and limits of the FTC's powers under Section 5 of the FTC Act. Host Anant Raut and co-host Scott Perlman talk about the legal challenges the ban is likely to face, and where Lina Khan's FTC may go next with the agency's interpretation of its own authority. With special guests: Sandeep Vaheesan, Legal Director, Open Markets Institute and Maureen Ohlhausen, Co-Chair of the Antitrust and Competition Practice, Wilson Sonsini Goodrich & Rosati Related Links: FTC noncompetes ban Hosted by: Anant Raut and Scott Perlman, Partner, Mayer Brown