A PYMNTS Company

US: Trading start-up files antitrust lawsuit in New York

 |  April 18, 2016

Derivatives trading start-up TeraExchange filed an antitrust lawsuit Monday alleging that some of the biggest banks in the world conspired to block customers from using its service.

The suit, first reported by IFR last week, charges that 12 banks conspired to keep investors from trading interest rates swaps on its platform, which was founded in 2010.

Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, RBS and UBS were named in the suit.

The filing in US District Court in the Southern District of New York also named two competing trading platforms: ICAP Capital Markets and Tradeweb Markets.

Thomson Reuters distributes Tradeweb data and offers subscribers access to its trading execution platform.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.