Argentina’s failure to pay interest on its bonds is a credit event that will trigger settlement of $1bn of default insurance, according to the International Swaps & Derivatives Association.

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.

London: London Stock Exchange Group Plc is holding talks with LCH Clearnet Group Ltd to buy all or part of the world’s biggest clearinghouse for swaps, as increased global regulation of derivatives makes the business more profitable.