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E.U.: EU regulators to suspend ICE, bank CDS probe

By  |  September 27, 2012

EU regulators are set to suspend indefinitely an antitrust investigation into credit default swaps deals offered by clearing house ICE Clear Europe to nine banks, due to the lack of evidence, a European Commission source said on Wednesday. LCH.Clearnet, which is set to be acquired by the London Stock Exchange, expanded into European credit default swaps in May, which insure the buyer against a borrower’s debt default based on leading European indexes. The Commission opened an investigation in April last year, concerned that ICE Clear Europe’s preferential tariff deals may have locked the banks into the ICE system and hurt competitors.  The EU executive said the banks were Bank of America, Barclays Bank, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs Group, JPMorgan Chase & Co, Morgan Stanley and UBS.

Full Content: ChicagoTribune

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