Barclays, HSBC and RBS among 13 banks accused of blocking CDS market

The regulatory body said the banks infringed EU antitrust rules which prevent them from making anti-competitive agreements, after banks effectively stopped exchanges from entering the credit derivatives business between 2006 and 2009. The commission found that Deutsche Börse and the Chicago Mercantile Exchange tried to enter the credit derivatives business between 2006 and 2009, but were refused a licence for exchange trading by ISDA and Markit. A report from the Commission also reveals several investment banks sought to shut out exchanges in other ways, for example by coordinating th...