MF Global Sues 12 Banks, Markit and Isda for $25trillions CDS Cartel

Collapsed futures brokerage MF Global has sued 12 banks for allegedly restricting competition in the $25tn credit default swap market after the European Union charged the lender for blocking exchange access to the contracts.

As the latest in a string of lawsuits, MF Global filed the complaint in the US District Court in the Northern District of Illinois, against 12 international lenders and two other financial firms.

The banks named in the complaint are Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, The Royal Bank of Scotland, and UBS.

Markit, the main CDS price provider and owner of the benchmark CDS indexes, and trade group the International Swaps and Derivatives Association (ISDA), which owns documentation and other licenses, are also named in the suit.

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http://www.ibtimes.co.uk/articles/495761/20130731/mf-global-corzine-isda-markit-barclays.htm