goldman Derivatives Collusion

http://www.huffingtonpost.com

BRUSSELS — The European Commission says many of the world’s largest investment banks appear to have colluded to block attempts by exchanges to trade and offer more transparent prices for financial products known as credit derivatives.

The commission, the executive arm of the European Union, said Monday it has informed 13 banks – including Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley – as well as the industry association for derivatives itself, the International Swaps and Derivatives Association, ISDA, of the preliminary conclusions of an investigation that began in March.

The Commissioner for competition policy, Joaquin Almunia, told reporters in Brussels that Deutsche Boerse and the Chicago Mercantile Exchange tried to break into the credit derivatives business between 2006 and 2009.

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