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.

Greece’s use of collective action clauses (CAC) forcing investors to take losses under its debt restructuring has triggered payouts on $3bn of default insurance, the International Swaps & Derivatives Association said.

CREDIT-DEFAULT swaps on Allied Irish Bank will be settled at auctions after the International Swaps & Derivatives Association (ISDA) ruled there has been a failure-to-pay credit event.