Brussels, 04/12/2015 (Agence Europe) - On Friday 4 December, the European Commission decided to close the investigation into whether 13 European and US investment banks formed a cartel for the supply of financial information on the credit default swaps market.
The investigation examined whether the 13 investment banks, Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS, and British company Markit, the main supplier of financial information for this market, collaborated to give Markit special access to crucial information, foreclosing CDS Deutsche Börse from the market in 2007 and Chicago Mercantile Exchange in 2008 (see EUROPE 10815).
Based on hearings and the information at its disposal, the Commission says “the evidence was not sufficiently conclusive to confirm the Commission's concerns with regards to the 13 investment banks.” The closing of the investigation does not prejudge the investigation into Markit and the International Swaps and Derivatives Association (ISDA). (Original version in French by Mathieu Bion)