EU charges 13 banks, ISDA, Markit with breaching EU antitrust rules European Union regulators charged financial data company Markit, the International Swaps and Derivatives Association (ISDA) and 13 banks on Monday with blocking rival exchanges in the credit derivatives business in breach of EU antitrust rules. The European Commission said it had sent a statement of objections, or charge sheet, which sets out suspected anti-competitive activities, to the companies. "The Commission takes the preliminary view that the banks acted collectively to shut out exchanges from the market because they feared that exchange trading would have reduced their revenues from acting as intermediaries in the OTC market," the EU competition authority said. The charges followed a two-year investigation. The banks charged are Bank of America Merrill Lynch (BAC.N), Barclays (BARC.L), Bear Stearns, BNP Paribas (BNPP.PA), Citigroup (C.N), Morgan Stanley (MS.N), Credit Suisse (CSGN.VX), Deutsche Bank (DBKGn.DE), Goldman Sachs (GS.N), HSBC (HSBA.L), JP Morgan (JPM.N), RBS (RBS.L), UBS (UBSN.VX).
Posted on: Mon, 01 Jul 2013 11:07:41 +0000
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