ICE Unit Plays Ball In EU Antitrust Probe Over CDS

Law360, New York (May 5, 2011, 11:57 AM EDT) -- ICE Clear Europe will cooperate with a European Union antitrust investigation into whether its profit-sharing agreements with nine investment banks unfairly discourage the financial institutions from using other credit default swap clearinghouses, parent company InterContinental Exchange Inc. said Wednesday.

The probe is one of two the European Commission launched April 29 citing concerns about a lack of transparency in the CDS market, and it stems from ICE's 2009 purchase of The Clearing Corp. from the banks. In particular, the antitrust watchdog is examining whether the fee...
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