Jul 042013

By Alex Barker in Brussels and Philip Stafford in London, Financial Times, July 1, 2013 11:31 am

Investment banks’ 20-year grip over credit insurance markets has come under regulatory assault as Brussels served charges against 13 banks for allegedly conspiring to block exchanges from challenging their business model.

The formal European Commission charge-sheet, running to almost 400 pages, alleges collusion to ensure the insurance-like contracts remained an “over-the-counter” (OTC) product – preserving the banks’ lucrative role as middlemen.

The full article can be found at: http://www.ft.com/cms/s/0/d6c57880-e235-11e2-87ec-00144feabdc0.html

Banks involved:

Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Royal Bank of Scotland, UBS, Markit and Isda

 July 4, 2013  Posted by at 1:55 am Uncategorized Tagged with: , ,  Add comments