The CFTC has settled its benchmark manipulation case against JPMorgan Chase (JPMC) via an order that requires the firm to pay a $65 million civil monetary penalty, and to strengthen its internal controls and procedures to prevent any future attempts to fix interest-rate swaps benchmarks. The order settles charges that JPMC attempted to manipulate the ISDAFIX benchmark “over… Read More >>
CFTC Hits DBSI with a $70M Civil Monetary Penalty
Deutsche Bank Securities Inc. (DBSI) will pay a $70 million civil monetary penalty for its attempted manipulation of the U.S. dollar ISDAFIX benchmark, according to a recent CFTC order that both filed and settled the charges against the indirect wholly owned subsidiary of Germany’s venerable Deutsche Bank AG. DBSI officials neither admitted nor denied the… Read More >>
RBS Pays $85M Fine in Benchmark-Rigging Case
U.S. regulator CFTC fined the Royal Bank of Scotland (RBS) $85 million for its alleged role in manipulating the ISDAfix benchmark, which is tied to the $311 trillion interest rate swaps market. The civil penalty against the U.K. state lender is the fourth settlement the regulator has struck in its four-year-long investigation. All of the… Read More >>
Goldman Sachs Settles ISDAFIX Woes for $120M
Wall Street giant Goldman Sachs will pay a $120 million fine for manipulating and making false reports concerning the U.S. dollar International Swaps and Derivatives Association fix (USD ISDAFIX), a global benchmark for interest rate products, say CFTC officials in an order simultaneously filing and settling charges against the Goldman Sachs Group, Inc. and Goldman,… Read More >>
ICE’s IBA Takes Over ISDAFIX
The International Swaps and Derivatives Association (ISDA) reports that, as of August 1, Intercontinental Exchange’s (ICE) Benchmark Administration Ltd. (IBA) has become the administrator of ISDAFIX, which was established by ISDA and others in 1998 to periodically set swap-transaction rates. ICE’s IBA was chosen in April after a competitive selection process, which began with a… Read More >>
