An investigation into actions of banks and other entities by the European Commission is having more success than a U.S. Justice Department inquiry in shedding light on the credit default swaps market from 2006 to 2009, Gretchen Morgenson writes. The commission's antitrust division says it has reached a "preliminary conclusion" that banks, as well as Markit Group and the International Swaps and Derivatives Association, violated rules and colluded "to prevent exchanges from entering the credit derivatives business between 2006 and 2009."

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