MF Global Sues Banks Over CDS Market Control

Law360, New York (July 30, 2013, 6:30 PM EDT) -- MF Global Capital LLC sued a slew of banks and securities market organizations in Chicago federal court Monday, accusing them in a class action of shutting out competition from the credit-default swap market through their control of clearinghouse ICE Clear Credit LLC.

A dozen megabanks that act as CDS dealers and the International Swaps and Derivatives Association, a market organization that standardizes CDS, allegedly conspired to prevent any other CDS exchange and clearinghouse — which acts as a central counterparty and a type of middleman in...
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