Morgan Stanley & Citigroup cooperate with CDS probe

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Morgan Stanley and Citigroup said they’re cooperating with the U.S. Justice Department’s four-year-old antitrust probe into the credit-default swaps market.

Bloomberg reports that Morgan Stanley and Citigroup have said they’re co-operating with the U.S Justice Department’s four-year-old antitrust probe into the credit-default swaps market.

Both firms are amongst a dozen institutions being investigated after the European Union accused them of colluding to curb competition in credit derivatives.

Morgan Stanley said in a quarterly filing: 'The company and others have also responded to an ongoing investigation by the antitrust division of the United States Department of Justice related to the CDS market'.

Citigroup said they had responded to civil investigative demands 'concerning potential anti-competitive conduct in the CDS indsutry in July 2009 and September 2011'.

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Morgan Stanley, Citigroup Cooperate with DOJ's CDS probe

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