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EU: Credit derivatives probe stalled due to banks’ demands

 |  November 10, 2013

As thirteen of the world’s largest banks are under investigation by the European Commission for credit-default swaps, reports say lawyers for the banks have won demands to see confidential information gained by investigators in the case.

The development in the case means the banks under watch – which include HSBC, JPMorgan Chase & Co., and RBS – can see each other’s secret documentation regarding credit derivatives trading.

The development also means the case could be delayed by as much as four months, according to five anonymous sources.

The Commission’s investigation is one of two major probes into the world’s largest banks, the second involving the alleged manipulation of LIBOR benchmark rates.

Full Content: Bloomberg

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