EU Opens Antitrust Probes Into Major Banks Over CDS

Law360 (April 29, 2011, 12:43 PM EDT) -- The European Union's antitrust watchdog on Friday unveiled two probes into the credit default swaps market, targeting 16 top investment banks including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp.

The paired European Commission probes examine whether a lack of transparency in the CDS market has led to abusive behavior by banks and violations of European competition rules, the agency said.

"CDS play a useful role for financial markets and for the economy," EU Competition Commissioner Joaquin Almunia said. "Recent developments have...
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