The Daily Hodl: “JPMorgan Chase, Bank of America and 7 Mega Banks Paying $46,000,000 [that’s Trillion] Over Alleged Conspiracy To Rig Trillion-Dollar Derivatives Market… Lawyers representing investors have filed for preliminary approval of a $46 million cash settlement against JPMorgan Chase, Bank of America, Goldman Sachs, BNP Paribas, Citigroup, Deutsche Bank, Morgan Stanley, NatWest and UBS to end an eight-year-old antitrust suit. Representing the Public School Teachers’ Pension and Retirement Fund of Chicago, the Los Angeles County Employees Retirement Association and other institutional investors, lawyers say the banks have been conspiring for years to keep the interest rate swap market inefficient and antiquated in order to extract as much as possible in fees. Interest rate swaps allow two parties to trade interest cashflows for a given period of time. The plaintiffs say that the interest rate swap market is clearly ready for fast efficient trading on electronic exchanges, but that the defendant banks have gone out of their way to make sure it only exists in an antiquated over-the-counter (OTC) market that they dominate…”