EU scraps derivatives case vs 13 banks, continues Markit, ISDA probe
Reuters
Published Dec 04, 2015 10:06AM ET
EU scraps derivatives case vs 13 banks, continues Markit, ISDA probe
By Foo Yun Chee
BRUSSELS (Reuters) - EU antitrust regulators have dropped charges against 13 banks including Citigroup (N:C) and Deutsche Bank (DE:DBKGn) for blocking exchanges from derivatives markets, but will continue their case against data company Markit and trade body ISDA.
The European Commission said on Friday it had closed the case against the 13 banks due to insufficient evidence.
"This closure does not prejudge the outcome of the Commission's investigation regarding Markit, and ISDA, which is ongoing," it said in a statement.
Opened two years ago, the case was one of several launched by the EU's executive into financial services in the wake of the 2007-8 crisis. Regulators have handed down billions of euros in fines on lenders since then for misbehaving.
The Commission in July 2013 charged the group with blocking Deutsche Boerse (DE:DB1Gn) from the lucrative credit derivatives market in 2007 and the Chicago Mercantile Exchange in 2008.
"ISDA believes it has acted properly at all times. We will continue to cooperate with regulatory authorities to resolve this matter," a spokesman told Reuters.
The International Swaps and Derivatives Association (ISDA) represents firms involved in the derivatives market.
Markit was not immediately available to comment.
The 13 banks are Bank of America Merrill Lynch (N:BAC), Barclays (L:BARC), Bear Stearns, BNP Paribas (PA:BNPP), Citigroup, Credit Suisse (VX:CSGN), Deutsche Bank, Goldman Sachs (N:GS), HSBC, JPMorgan (N:JPM), Morgan Stanley (N:MS), Royal Bank of Scotland (L:RBS) and UBS.
Three years ago, the Commission also scrapped a case against nine banks related to derivatives clearing because it did not have enough proof of wrongdoing.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.