EU charges 13 banks, ISDA, Markit with breaching EU antitrust rules
Source: Reuters
(Reuters) - Financial data company Markit, the International Swaps and Derivatives Association (ISDA) and 13 banks were charged with blocking two exchanges from entering the credit derivatives market in the last decade in breach of EU antitrust rules.
The European Commission said the group, which included Citigroup, Goldman Sachs and UBS, shut out Deutsche Boerse and the Chicago Mercantile Exchange from the CDS business between 2006 and 2009.
Credit default swaps (CDS) are over-the-counter contracts that allow an investor to bet on whether a company or country will default on its bonds within a fixed period of time. Lack of transparency on such derivatives is a key target of regulators following the 2007-2009 crisis.
The case is one of several opened by the EU antitrust regulator into the financial services since the crisis. Banks and other companies involved could be fined up to 10 percent of their global turnover if found guilty of infringing EU rules.
Read more: http://uk.reuters.com/article/2013/07/01/uk-eu-banks-cds-idUKBRE9600BU20130701
10 percent of their global turnover if found guilty of infringing EU rules sounds good to me.
= new reply since forum marked as read
