Markit, industry group and 13 banks face EU antitrust charges

The European Commission has sent Markit, the International Swaps and Derivatives Association and 13 banks a statement of objections outlining suspected violations of EU antitrust rules. "The Commission takes the preliminary view that the banks acted collectively to shut out exchanges from the [credit derivatives] market because they feared that exchange trading would have reduced their revenues from acting as intermediaries in the [over-the-counter derivatives] market," the EU competition authority said.

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