The European Commission has extended its on-going investigation into credit default swaps (CDS) information market to include the International Swaps and Derivatives Association (ISDA), a professional organization of financial institutions which is involved in over-the-counter (OTC) trading of derivatives. The Commission opened an investigation in the matter in April 2011 in order to examine whether a number of investment banks may have used Markit, the leading provider of financial information in the CDS market, to foreclose the development of certain CDS trading platforms. During the investigation, the Commission has found preliminary indications that ISDA may have been involved in a coordinated effort of investment banks to delay or prevent exchanges from entering the credit derivatives business, stifling competition in the internal market. Source: Commission Press Release 26/3/2013