The Public School Teachers' Pension and Retirement Fund of Chicago filed a purported class action lawsuit against 12 swap dealers and, in some cases, certain of their affiliates, alleging they conspired to prevent interest rate swaps from being traded on exchanges. To support its allegation, plaintiff claimed, among other things, that respondents worked together to coerce IRS swap execution facilities “to allow only a Request for Quote … trading method.” According to the plaintiff, executing trades through an RFQ is functionally equivalent to executing a trade opposite a dealer over-the-counter. Plaintiff also alleged that respondents “jointly agreed” to boycott SEFs “that took steps to permit the buy-side to trade IRS on electronic platforms outside of the Dealer Defendants’ control” and “force” SEFs to require the “disclosure of the identity of every swap counterparty to the other on every trade.” The plaintiff filed its lawsuit in a federal court in Manhattan. Separately, the European Commission announced it has closed antitrust proceedings against 13 investment banks related to credit default swaps trading. In 2013, the EC had raised preliminary concerns that the banks “had coordinated” to prevent Deutsche Borse in 2007 and the Chicago Mercantile Exchange in 2008 from offering a CDS marketplace. The EC said it is still investigating the actions of Markit and the International Swaps and Derivatives Association in connection with this matter. (Click here to access the initial EC press release regarding its investigation.)