CFTC reportedly claims banks manipulated ISDAFIX

08/2/2013 | Bloomberg

The Commodity Futures Trading Commission uncovered evidence that major banks have given themselves millions of dollars of trading profit by manipulating a key benchmark for interest-rate derivatives and in the process changing interest rates relied upon in calculations by annuities, pension funds, insurance companies and investment firms, a person with knowledge of the matter told Bloomberg News. Banks instructed brokers to buy or sell enough interest-rate swaps to push the ISDAFIX rate to a predetermined level, the person said.

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