Banks accused of colluding to protect Euro credit derivatives revenue


UPI
July 1, 2013

Antitrust regulators in Europe charged 13 large banks Monday with colluding to prevent new competitors from entering the credit derivatives market.

The European Commission said the banks, market research firm Markit Economics and the International Swaps and Derivatives Association colluded to block Deutsche Borse and CME from entering the market.

The commission said Markit Economics, the trade association and the 13 banks worked together from 2006 through 2009 to prevent the exchanges from entering the market.

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