The Commission has sent a statement of objections to several investment banks, Markit and ISDA in the context of its antitrust investigations on whether they jointly prevented exchanges from entering the credit default swaps (CDS) market between 2006 and 2009. Allegedly, investment banks instructed Markit and ISDA not to provide licences for the data and index benchmarks needed to launch exchange-traded CDSs. The Commission has reached the preliminary conclusion that investment banks feared exchange trading of CDSs would reduce their revenues in the OTC markets. (Source: Statement on CDS Investigation and Antitrust: Commission Sends Statement of Objections in CDS Investigation)