Investment bank giant JPMorgan Chase & Co. was among the 13 financial institutions accused by the European Union of conspiring to hamper their rivals in the credit derivatives industry. Other investment banks accused by the EU are Goldman Sachs Group Inc., Citigroup Inc., Credit Suisse Group, Deutsche Bank AG, Bank of America Corp., and several others.

The European Union made a statement of objections to the 13 banks over accusations that the group connived "to prevent exchanges from entering the credit derivatives business between 2006 and 2009."

The union also gave objection statements to Markit Group Ltd. and the International Swaps and Derivatives Association.

Joaquin Almunia, a commissioner in charge of competition from Brussels said, "It would be unacceptable if banks collectively blocked exchanges to protect their revenues from over-the-counter trading of credit derivatives."

"Over-the-counter trading is not only more expensive for investors than exchange trading, it is also prone to systemic risks," he explained.

Regulators from all over now seek better stewardship on the credit-default swap market. In line with this accusation, the United States Department of Justice is probing the clearing of the credit derivatives.