Europe Expands Investigation Into Derivatives Market
Source: NYT
BRUSSELS European Union antitrust regulators have expanded their investigation into whether a small network of big banks unfairly controls the derivatives market.
The inquiry, which has already ensnared major international giants like Barclays, JPMorgan Chase and Deutsche Bank, has been broadened to include the International Swaps and Derivatives Association, a trade organization for market participants.
The European Commission, which oversees antitrust regulation, had found preliminary indications that I.S.D.A. may have been involved in a coordinated effort of investment banks to delay or prevent exchanges from entering the credit derivatives business, European antitrust regulators said in a statement. Such behavior, if established, would stifle competition in the internal market in breach of E.U. antitrust rules.
Read more: http://dealbook.nytimes.com/2013/03/26/europe-expands-investigation-into-derivatives-market/
dipsydoodle
(42,239 posts).
AllyCat
(16,222 posts)Hope this comes to something for everyone in the world scammed by this cartel. Alas, our Congress and courts will probably give extra protections to the banks so they can continue to do it.
Javaman
(62,534 posts)bemildred
(90,061 posts)We love monopolies, or oligopolies if that's the best we can manage. Bigger businesses means bigger campaign contributions.
Kelvin Mace
(17,469 posts)They are too complicated, highly speculative, unregulated, and can destabilize the world economy in minutes.
bemildred
(90,061 posts)JustAnotherGen
(31,879 posts)This is excellent.
lark
(23,155 posts)committing fraud to line their pockets, who would have ever thought this possible! They're, gasp, job creators for God's sakes (per the Repugs).
Edited to add smilie.