The EU's competition authorities are investigating the activities of nine of the world's biggest banks over the market for credit default swaps (CDS).
CDS's are a form of insurance policy taken out on financial instruments, such as bonds, in case they lose value.
The banks include Barclays, Goldman Sachs, Deutsche Bank and Citigroup.
The probe centres on whether preferential treatment - including special low fees - was given by a clearing house to drum up business.
The other five banks involved are Bank of America, Credit Suisse, JP Morgan Chase, Morgan Stanley and UBS.
The EU's anti-trust commissioner, Joaquin Almunia, said in a statement: "CDS's play a useful role for financial markets and for the economy.
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