The European Commission (EC) is investigating financial institutions and clearinghouses that operate the global market for credit-default swaps (CDS), Financial Times reports. The commission is inspecting whether 16 firms colluded in giving information on CDS’ to information provider, Markit. The banks being investigated in the Markit probe include, Bank of America, Barclays Bank, Citigroup, Credit Suisse, Deutsche Bank and Morgan Stanley. The commission is also separately probing nine other firms and whether they made special pricing deals with Intercontinental Exchange as a clearing house that might have prevented others from entering the market.
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