ISDA and MARKIT charged by EC

European Commission regulators say that 13 investment banks, the International Swaps and Derivatives Association (Isda) and Markit imagesbreached antitrust rules by colluding to prevent exchanges from entering the credit derivatives business.

The formal European Commission charge-sheet, running to almost 400 pages, alleges collusion to ensure the insurance-like contracts remained an “over-the-counter” (OTC) product – preserving the banks’ lucrative role as middlemen.

Between 2006 and 2009, Deutsche Börse and the Chicago Mercantile Exchange tried to enter the credit derivatives business, turning to the Isda and Markit to obtain necessary licenses for data and index benchmarks. Continue reading “ISDA and MARKIT charged by EC”

The Murderer of Financial System

Nobody knows has the biggest financial crisis already occurred during the phase of 2008-2009 or it is about to come in the near r-OWS-large570future .Was reading the mess from Jack and Suzy welch, who recall Agatha Christie’s murder on the Orient express. In his novel 12 people were suspected of murder and 12 turned out to be guilty in the same way he represented 12 murderers of the US financial system.

1.   The Federal Reserve Board.  :    The Man behind here is Alan Greens pan Fed governor in 1987-2006 a serious bubble maker. Introduction Continue reading “The Murderer of Financial System”