Barclays to Pay $115 Million to Settle ISDAfix Manipulation
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Barclays Plc agreed to pay $115 million to resolve claims it attempted to manipulate a key interest-rate benchmark two years after a Commodity Futures Trading Commission investigation was made public.
The agreement is the first enforcement action addressing ISDAfix, a global interest-rate benchmark used by banks, corporate treasurers and money managers to determine borrowing costs and to value much of the $381 trillion of outstanding interest-rate swaps, the CFTC said in a press release. Barclays was ordered to stop any further violations and take steps to detect and deter further swap-market manipulation, the CFTC said.