CFTC Slaps ICAP with $50 Million Fine for Benchmark Manipulation

[kreslik.news]

The Commodity Futures Trading Commission (CFTC) announced on Tuesday that it has slapped ICAP Capital Markets LLC, which is now known as Intercapital Capital Markets LLC (ICAP), with a civil penalty worth $50 million.

The commodities regulator has fined ICAP for helping its bank clients manipulate the ISDAFIX benchmark, a global benchmark that is referenced in a number of interest rate products.

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Specifically, the CFTC issued an Order which files and settles charges against the firm. The Order found that between at least January 2007 until December 2012, the swaps ... (read more)