Banks Drop Off ISDAFix Panel as CFTC Probes Rate-Rigging

Banks are leaving the panel that sets ISDAFix, the benchmark for the $379 trillion swaps market, as regulators probe suspected manipulation of the rate.

HSBC Holdings Plc, Europe’s largest bank by assets, and Japan’s Mizuho Financial Group stopped contributing to the ISDAFix dollar rate between November and January, and haven’t been replaced, documents on the International Swaps and Derivatives Association’s website show. The industry group didn’t give any reason for the lenders’ departure.