EU targets financial services firms in derivatives antitrust probe

The EU said on Monday it was carrying out surprise inspections of two financial services firms in two member states over antitrust concerns involving financial derivatives.

It did not name the firms nor say in which countries the investigators -- joined by competition authorities of each member state affected -- were conducting the raids.

"The Commission has concerns that the inspected companies may have violated EU antitrust rules that prohibit restrictive business practices," the European Commission said.

"The products concerned by the inspections are financial derivatives".

The raids do not mean the firms are considered guilty of anti-competitive behavior, the EU's executive body explained.

Unannounced investigations are a preliminary investigatory step, it said, adding there was no legal deadline to complete inquiries into anti-competitive conduct.