EU drops its antitrust investigation into 13 investment banks over credit default swaps

EU drops its antitrust investigation into 13 investment banks over credit default swaps

The Commission has decided to close its investigation into 13 investment banks suspected of anticompetitive conducts into the credit default swap market. The statement of objections adopted in July 2013 by the Commission had initially raised concerns regarding coordination of the parties to foreclose from the credit default swaps market Deutsche Börse in 2007 and Chicago Mercantile Exchange in 2008. Based on a thorough analysis of the information provided by the parties in their replies and additional fact-finding, the Commission considered that the evidence did not support such concerns. A CRA team including Cristina CaffarraPierre Régibeau, Mukarram Attari, Sam Lynch, and Prof. Patrick Legros of ULB assisted Goldman Sachs. A separate team including Bob StillmanRaphaël De ConinckColleen Donovan, and Mikaël Hervé assisted Deutsche Bank.

The Commission's press release can be found here.