Goldman Sachs, JPMorgan Face EU Antitrust Probe of CDS Market

Goldman Sachs Group Inc. (GS), JPMorgan & Co. and other investment banks face a European Union antitrust probe into credit-default swaps for companies and sovereign debt, regulators said.

The European Commission said it opened two antitrust investigations into the CDS market. It will check whether 16 bank dealers colluded by giving market information to Markit, a financial information provider, the commission said today in a statement.

The regulator also will examine whether nine of those dealers struck deals with ICE Clear Europe, a clearing house for derivatives, that block other clearing houses from entering the market and give CDS players “no real choice where to clear their transactions,” the commission said.

To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.

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