Big banks to contest EU derivatives charges

|By:, SA News Editor

Nine months ago, the European Commission accused 13 banks of blocking Deutshce Boerse (DBOEY) and CME from entering the lucrative CDS business between 2006-09, but the banks, reports Reuters, are set to fight those charges at a closed-door hearing next month.

Should they lose, the banks could be subject to fines of up to 10% of their global CDS turnover - not a small amount given the size of the market.

Those charged and expected to fight: C, GS, DB, BAC, BCS, BNPQY, CS, HSBC, JPM, MS, RBS, and UBS.