Big Banks Accused of Monopolizing Interest Rate-Swap Market
- Buy-side investors portrayed as stuck in antiquated OTC market
- Dealers accused of blocking competition to preserve profits
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Twelve of the biggest players in interest-rate swap trading were sued for allegedly conspiring to block fund managers from entering the exchange market.
The antitrust complaint filed in New York federal court by a public pension fund names most of the biggest U.S. and European investment banks among the defendants as well as trading platforms ICAP Capital Markets LLC and Tradeweb Markets LLC.