March 26, 2013 / 10:58 AM / in 5 years

EU antitrust regulators expand CDS probe to ISDA

BRUSSELS (Reuters) - EU antitrust regulators expanded their nearly two-year long investigation into the credit default swaps market on Tuesday to include industry body International Swaps and Derivatives Association (ISDA).

Robert Pickel, CEO of the trade group the International Swaps and Derivatives Association, speaks during an interview with Reuters in New York, May 14, 2009. REUTERS/Mike Segar

“The (European) Commission’s inquiry found preliminary indications that ISDA may have been involved in a coordinated effort of investment banks to delay or prevent exchanges from entering the credit derivatives business,” the EU executive said in a statement.

The Commission, which acts as EU competition watchdog, opened its investigation in April 2011.

The banks it listed at the time as part of the investigation included JP Morgan, Bank of America, Goldman Sachs, Deutsche Bank, Citigroup and 11 other banks, as well as financial data company Markit.

Reporting by Foo Yun Chee; editing by Rex Merrifield

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