BRUSSELS, July 20 (Reuters) - EU antitrust regulators accepted on Wednesday concessions from data company Markit and trade body ISDA to settle charges that they hindered rivals from the lucrative credit derivatives market.
The European Competition charged the two companies and 13 banks with blocking Deutsche Boerse from the credit default swaps market in 2007 and the Chicago Mercantile Exchange in 2008.
Markit and the International Swaps and Derivatives Association (ISDA) subsequently offered concessions to settle the case without any finding of wrongdoing or possible fines. The 13 banks were dropped from the case last year.
The proposal includes the companies offering rights on fair and reasonable terms and being willing to use an arbitrator to resolve disputes. The commitments will apply for 10 years.
“The commitments address these concerns as they will make it easier to trade CDS on exchanges, while improving transparency. The increased efficiency and stability in the market for credit derivatives will benefit investors such as mutual funds, pension funds and insurers,” the Commission said. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop)
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