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EU: Commission serves 13 banks with statement of objections

By  |  July 1, 2013
EU: Commission serves 13 banks with statement of objections

The European Commission served a statement of objections to more than a dozen companies in the financial sector – including 13 banks – for antitrust violations. According to reports, the banks, along with financial data group Markit and the International Swaps and Derivatives Association, are charged with blocking two new exchanges from entering the credit default swaps market between 2006 and 2009. Both the Chicago Mercantile Exchange and Deutsche Boerse attempted to enter the business, which allows investors to bet on whether companies or nations will default on bonds. The Commission, which announced the news Monday, stated that its preliminary conclusion finds that the banks violated EU antitrust law. Commission named Bank of America Merrill Lynch, Barclays, Goldman Sachs, JP Morgan, Royal Bank of Scotland, and others. In a statement by the regulator, Commissioner Joaquin Almunia denounced the practice and said it would be “unacceptable” if the firms are found guilty of the collusion.

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