EU regulators drop case against 13 banks, Markit and ISDA still in focus

[December 04, 2015]  BRUSSELS (Reuters) - EU antitrust regulators scrapped on Friday charges against 13 banks including Citigroup <C.N> and Deutsche Bank related to credit swaps but said the case against Markit and the International Swaps and Derivatives Association would continue.

The European Commission in July 2013 charged the group with blocking Deutsche Boerse and the Chicago Mercantile Exchange from the lucrative credit derivatives market (CDS) in 2007 and 2008.

The EU executive said it closed the case against the 13 banks because it did not have sufficient evidence of wrongdoing by the lenders.

"This closure does not prejudge the outcome of the Commission's investigation regarding (financial data company) Markit, and ISDA, which is ongoing," it said in a statement.

The 13 banks are Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Royal Bank of Scotland and UBS.

(Reporting by Foo Yun Chee)

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