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Big Banks Accused of Monopolizing Interest Rate-Swap Market
Twelve of the biggest players in interest-rate swap trading were sued for allegedly conspiring to block fund managers from entering the exchange market. The antitrust complaint filed in New York federal court by a public pension fund names most of the biggest U.S. and European investment banks among the defendants as well as trading platforms ICAP Capital Markets LLC and Tradeweb Markets LLC. Big banks have been accused of colluding in other areas of trading such as interbank rates, currencies and credit default swaps. Financial institutions have paid billions of dollars to settle some of the cases brought by ... (full story)