trueEX sues 11 banks over swaps ‘conspiracy’

Platform alleges market-makers acted to preserve dominance of bank-owned Tradeweb

The US District Court for the Southern District of New York, where the lawsuit was filed

trueEX, an electronic trading platform for interest rate swaps, has filed a lawsuit in New York against 11 of the largest bank market-makers, accusing them of conspiring to block customers from trading on the platform with the aim of ultimately letting trueEX “die on the vine”.

The lawsuit, filed on June 14, alleges the accused banks protected Tradeweb – a competing swap execution facility (Sef) which is partly owned by a consortium of banks – by continuously delaying signing up to trueEX.