EU CDS Probe Targets 16 Large Banks Over Alleged Collusion

BRUSSELS — The EU’s competition watchdog is investigating the practices of some the world’s biggest banks, as well as a market data firm and a clearing house, in the market for credit default swaps.

The two probes home in on a market that has come under fire for lacking transparency and allegedly worsening debt market turmoil during the financial crisis. While the investigations focus on competition issues, they accompany a broader regulatory crackdown in Europe on credit default swaps and other derivatives.

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