{"id":5660,"date":"2014-09-09T00:00:00","date_gmt":"2014-09-09T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/09\/cftc_notifies_justice_departme"},"modified":"2022-05-06T11:00:49","modified_gmt":"2022-05-06T16:00:49","slug":"cftc-notifies-justice-departme","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/cftc-notifies-justice-departme\/","title":{"rendered":"CFTC Notifies Justice Department of Criminal Rate Rigging, Looks at Possible Swaps Loophole"},"content":{"rendered":"\n

The U.S. Commodities Trading Commission has notified the Department of Justice that there is evidence of criminal conduct related to the alleged manipulation of ISDAfix. The regulator had sent subpoenas to the biggest banks in the world in 2012 to find out if the benchmark, used to establish rates for trillions of dollars of financial products and track prices on interest-rate swaps, was rigged. The CFTC, however, can only file civil charges. <\/p>\n

Benchmarks are integral to global finance. They help lenders determine what to charge borrowers and pension funds to figure out future obligations, among other uses. Regulators have been investigating claims that banks and brokers seeking to profit helped manipulate certain benchmarks, while investors lost out in the process.<\/p>\n

Last week, the Alaska Electrical Pension Fund sued thirteen banks, including UBS (UBS)<\/a>, Citigroup (C)<\/a>, and Bank of America (BAC)<\/a>, and brokerage firm ICAP Plc (IAP) claiming they worked together to rig ISDAfix. UK securities regulators are also looking into the claims.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Commodities Trading Commission has notified the Department of Justice that there is evidence of criminal conduct related to the alleged manipulation of ISDAfix. The regulator had sent subpoenas to the biggest banks in the world in 2012 to find out if the benchmark, used to establish rates for trillions of dollars of financial […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3810],"tags":[3449],"class_list":["post-5660","post","type-post","status-publish","format-standard","hentry","category-cftc","tag-isdafix"],"yoast_head":"\nCFTC Notifies Justice Department of Criminal Rate Rigging, Looks at Possible Swaps Loophole — Investor Lawyers Blog — September 9, 2014<\/title>\n<meta name=\"description\" content=\"The U.S. Commodities Trading Commission has notified the Department of Justice that there is evidence of criminal conduct related to the alleged — September 9, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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