RBS Fined $85 Million by CFTC for Manipulation of ISDAfix
Posted: Thu Feb 02, 2017 5:48 pm
The Royal Bank of Scotland plc (RBS) on Friday was fined $85 million by the U.S. Commodity Futures Trading Commission for allegedly attempting to manipulate a major benchmark interest rate, according to CFTC statement.
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The regulator said that RBS’s traders attempted to manipulate the U.S. dollar iteration of ISDAfix, or the International Swaps and Derivatives Association Fix, between January 2007 and continuing through March 2012.
The ISDAfix benchmark is widely used in setting payout rates on a range of interest rate products. The rates are ... (read more)