The European Commission has started legal action against Standard & Poor’s on a claim that the agency may have broken rules as it sold market data, according to Reuters.
The EU executive said the agency could be abusing its monopoly position by forcing banks and investment funds to pay licensing fees for the use of numbers that identify U.S. securities.
“The initiation of proceedings against S&P originates from a complaint filed by several associations representing investors financial institutions and asset managers,” the Commission said in a statement.
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