European Commission opens S&P monopoly case
Losses & Lawsuits
Brussels - The European Commission (EC) has opened formal proceedings against US credit rating agency Standard & Poor's (S&P). It says the firm abused its dominant market position by forcing companies to pay for using its US securities code numbers when accessing data via third party data providers such as Bloomberg.
The probe comes after complaints filed by industry associations on behalf of affected financial firms and asset managers.
The EC claims S&P might have broken competition rules by forcing licence fees for the use of its US International Securities Identification Number codes. These allow for cross-border identification of securities, issued by national numbering agencies.
S&P is also accused of forcing the third party providers to cut off financial institutions from data feeds on US securities unless they agreed to pay the licence fee. S&P described the Commission's case as "without merit".
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Risk Management
Litigation threats seen delaying SEC climate disclosure rules
Efforts to demonstrate materiality of exposures to investment decision-making is taking longer than expected, say lawyers
Receive this by email