US Regulator Hits Bank of America with $30M Fine for Manipulating USD Benchmark

[kreslik.news]

The US Commodity Futures Trading Commission said it ordered Bank of America to pay a $30 million fine as part of an agreement to settle charges of attempting to manipulate a major benchmark interest rate, according to a CFTC statement.

The regulator said on Wednesday that Bank of America traders attempted to manipulate the US dollar iteration of ISDAfix, or the International Swaps and Derivatives Association Fix, from January 2007 through December 2012.

[url=https://events.financemagnates.com/londonsummit/?utm_source=FM&utm_medium=AUTOLINK&utm_campaign=Article&utm_content=fmls18]Join the Leading Industry Event![/url]

The ISDAfix benchmark is widely used in setting payout rates on a range of interest rate products. The rates are also used to ... (read more)