The Competition Authority (AdC) has issued a Closure Decision in case PRC 2016/1, against Bolsa do Porco - Associação.
The AdC became aware of the investigated practice through the media, mainly through information broadcasted by TVI, on 14 October 2012.
In order to establish the facts of the case, several investigation steps were taken.
During the course of the Investigation, the Bolsa do Porco informed the AdC of the approval of amendments to the Regulation of the Operation of the Quotation Desk (RMC).
From the results of the investigations carried out, and specifically from the operating rules laid down in the new version of the RMC, it results that the Bolsa do Porco's Quotation Desk simulates a real transaction exchange, in which supply and demand are simultaneously represented. It is also verified that the price that results from the sessions of the Quotation Desk corresponds to a merely guiding and non-binding index, which is also communicated to the Ministry of Agriculture and Sea for the purpose of statistical treatment of the evolution of the sale prices of pork carcasses in the national market.
The current version of the Regulations does not contain any reference that allows interpreting the guide price resulting from the sessions of the Quotation Desk as a fixed or binding price.
It was also found that the representativeness and balance of supply and demand were guaranteed in all sessions of the Quotation Desk, as well as the freedom of proposal and vote of those present at the Table, simulating the normal operation of the market.
With regard to the underlying legal and economic context, it was concluded that we are dealing with a homogeneous product (commodity), with a significantly fragmented supply and a potential supranational dimension. In this scenario, the increased transparency resulting from the Exchange is likely to contribute to optimising consumers' purchasing decisions (procompetitive effect), and the index defined by the Quotation Desk is disclosed in a transparent manner to the market, covering both producers and consumers (vertical transparency).
The operation of the Bolsa do Porco and, specifically, of its Quotation Desk, does not constitute, therefore, a limitation to the operation of the market, within the meaning of Article 9(1) of the Competition Act, allowing the free play of supply and demand, not concluding, therefore, that there is a decision of association of companies that has the object or effect of preventing, distorting or appreciably restricting competition.