Sefs and exchanges echo EC's CDS licence complaints
The European Commission believes the largest derivatives dealers used their influence to prevent exchange trading of credit default swap contracts between 2006 and 2009 – and as new derivatives trading venues prepare to launch, some have similar complaints. By Peter Madigan
Being able to grant a licence is a powerful thing. The belief of the European Commission (EC) is that the International Swaps and Derivatives Association and Markit, at the behest of 13 banks, abused that power to keep CME Group and Deutsche Börse out of the credit default swap (CDS) market between 2006 and 2009. And the claim from some market participants is that the licensing process is still being used to stifle competition in the CDS space today.
Two new derivatives trading platforms tell Ri
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