Action against Respondent bank for attempted manipulation of the USD ISDAFIX benchmark.  According to the CFTC, Respondent bid, offered, and executed transactions in interest rate swap spreads in a manner designed to influence the published ISDAFIX in order to benefit Respondent’s derivatives positions.  The CFTC also alleges that Respondent attempted to manipulate and made false reports concerning the ISDAFIX by skewing Respondent’s submissions in order to benefit Respondent at the expense of its derivatives counterparties and clients.  The CFTC further alleges that Respondent attempted to manipulate the ISDAFIX by bidding, offering, and executing transactions of swap spreads at the fixing time.  Respondent has agreed to pay a $90 million civil penalty.

CFTC Press Release