Banks accused of rules breach

Thirteen of the biggest investment banks in the world were accused by the EU of colluding to curb competition in the $10tn credit derivatives industry.

The EU sent a complaint, or statement of objections, to 13 banks, data provider Markit Group Ltd and the International Swaps & Derivatives Association (ISDA) over claims they sought “to prevent exchanges from entering the credit derivatives business between 2006 and 2009”, said the European Commission.

The probe is one of several by the commission into the financial industry, including if banks colluded to manipulate UK and European benchmark rates.