Banks Conspired To Block CDS Exchange Trading, EU Says

Law360, New York (July 1, 2013, 10:27 PM EDT) -- The European Commission on Monday accused 13 of the world's largest banks of colluding to stop lucrative credit-default swap trading from moving to exchanges.

The EC said the banks, as well as the International Swaps and Derivatives Association Inc. and financial information provider Markit Group Ltd., blocked two exchanges from establishing credit default swap exchanges from 2006 through 2009 by denying them the necessary licenses to operate the trading platforms.

Instead, the banks, which control ISDA and Markit, told the two industry group and data provider...
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