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think

(11,641 posts) Mon Apr 18, 2016, 09:55 PM Apr 2016

Trading start-up files antitrust lawsuit in New York (against the too big to fail banks)

Trading start-up files antitrust lawsuit in New York

By Mark Kentz - Markets | Mon Apr 18, 2016 2:54pm EDT

NEW YORK, April 18 (IFR) - Derivatives trading start-up TeraExchange filed an antitrust lawsuit Monday alleging that some of the biggest banks in the world conspired to block customers from using its service.

The suit, first reported by IFR last week, charges that 12 banks conspired to keep investors from trading interest rates swaps on its platform, which was founded in 2010.

Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, RBS and UBS were named in the suit.

~Snip~

The same 12 banks paid US$1.87bn in September to settle similar charges of anti-competitive behavior in the trading of another derivatives product, credit default swaps or CDS.

The banks did not admit guilt in that case.

Read more
http://www.reuters.com/article/derivatives-lawsuit-banks-idUSL2N17L1CZ

4 replies

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Trading start-up files antitrust lawsuit in New York (against the too big to fail banks) (Original Post) think Apr 2016 OP

New get-rich-quick plan. Start a trading platform. Sue banks for blocking access. Hoppy Apr 2016 #1

You're blaming the start up? think Apr 2016 #2

No. But if my interpretation is correct, it is funny... no one is trading on the platform and they Hoppy Apr 2016 #4

Well the honeymoon was a long one for Wall Street. 8 more years of leeching off the government. Rex Apr 2016 #3

Hoppy

(3,595 posts)

1. New get-rich-quick plan. Start a trading platform. Sue banks for blocking access.

Reply to think (Original post)

Mon Apr 18, 2016, 11:06 PM

Apr 2016

think

(11,641 posts)

2. You're blaming the start up?

Reply to Hoppy (Reply #1)

Mon Apr 18, 2016, 11:10 PM

Apr 2016

Hoppy

(3,595 posts)

4. No. But if my interpretation is correct, it is funny... no one is trading on the platform and they

Reply to think (Reply #2)

Mon Apr 18, 2016, 11:21 PM

Apr 2016

end up with millions.

Rex

(65,616 posts)

3. Well the honeymoon was a long one for Wall Street. 8 more years of leeching off the government.

Reply to think (Original post)

Mon Apr 18, 2016, 11:13 PM

Apr 2016

Someone had to come up with a new way to make money and sue the banks for breaking the law. All those shell accounts. Just a matter of time before it all comes out too.

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