September 18, 2018 / 8:57 PM / 8 months ago

U.S. regulator fines ICAP $50 million for aiding attempted rate fixing

WASHINGTON (Reuters) - The Commodity Futures Trading Commission (CFTC) has fined ICAP Capital Markets LLC (ICAP) $50 million for aiding and abetting numerous attempts by several of its bank clients to manipulate a key benchmark, the regulatory agency said on Tuesday.

Individual traders working for ICAP, which helps broker deals between the major banks, helped clients attempt to manipulate the ISDAFIX benchmark, a leading global benchmark referenced in a range of interest rate products, the CFTC said.

The activity occurred between 2007 and 2012 and was designed to benefit the banks’ derivatives positions, the CFTC said.

Reporting by Michelle Price; editing by Jonathan Oatis

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