EC investigating collusion in CDS market – Almunia
European competition commissioner confirms probe of banks' attempts to scupper CDS trading platforms
A European verdict on the Libor-rigging scandal will take some time to arrive – but the European Commission (EC) is also investigating bank collusion over credit default swap (CDS) trading, competition commissioner Joaquin Almunia announced in a speech in Paris today.
Almunia, who is also vice-president of the European Commission, said the EC would treat the banks involved in Libor rigging as part of a cartel, rather than fining them individually – as UK and US regulators have done with RBS, UBS
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