This was a very unusual situation and a different situation to what you normally find is the outcome of these sorts of capital raising.

So we do need to enter into a lot of reflection on this one.

Senator, I agree, and learn lessons, and we most certainly will.

We do always when cases don't go as we expect.

Australia's top antitrust official Rod Sims,

introspective but not apologetic after the collapse of the criminal cartel prosecution of Citigroup, Deutsche Bank and a handful of current and former executives.

Welcome back to Emlex's weekly podcast, James Panicki, with you, and we'll have more on what went wrong with that high-profile banking prosecution three and a half years after it began. Laurel Henning is in Sydney ready to walk us

through these developments and we'll be crossing to her in just over 10 minutes from now.

First up though to the UK where the competition enforcer is facing a predicament that would

be familiar to officials in other jurisdictions as well, how to manage big tech.

What's particular about the UK, though, is that the country's antitrust watchdog, the

competition and markets authority, is in a bind. There's uncertainty over whether the CMA should wait for its

new digital markets unit to be fully empowered, or whether it should go after digital platforms

with the tools currently at its disposal. It's a tricky conversation with a political

dimension to it as well. Luckily for us, our London-based senior correspondent,

Victoria Ibitoye, has written a piece of analysis on this very issue,

and she joins me right now.

So, Victoria, to start with, tell me more about the digital markets unit

and also something about the challenges that the CMA is now facing.

Yes, so the digital markets unit is a pro-competitive regulator that it's about to be

housed within the CMA, the UK Competition Authority. But the challenge at the moment the CMA is facing is that it just,

it still doesn't have the legal powers that it needs to make it fully effective. So this regulator

...