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Τρίτη 2 Ιουλίου 2013

Banks rigged €10 trillion derivatives market, Brussels says



BRUSSELS - Thirteen big banks colluded to shut out competition from the multi-trillion euro derivatives market, according to an investigation by the European Commission.
The EU's executive arm said that its investigation, which began in 2011, had uncovered anti-competitive practices during the 2008-9 financial crisis.
The commission investigation focuses on the credit default swap (CDS) market which allows banks and businesses to hedge against possible losses. However, more controversially, they were used by Goldman Sachs and others to speculate on the probability of a Greek debt crisis in 2010.
There are almost 2 million active CDS contracts with a joint notional amount of €10 trillion worldwide....[...]


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