The Commission dropped its investigation into allegations that 13 large investment banks had prevented exchanges from entering the European CDS market. Retained by Cravath, Swaine & Moore and by Skadden, Arps, Slate, Meagher & Flom Defence counsel for two major investment banks separately retained Cornerstone Research in a European Commission (EC) regulatory investigation into allegations of anticompetitive behaviour in the trading of credit default swaps (CDS). The EC filed a statement of objections against a group of major international financial institutions. The statement alleged that the banks had colluded to prevent the launch of CDS exchange trading between 2006 and 2009, and that this resulted in an increase in the bid-ask spreads paid by market participants. In a hearing before th

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