The US Commodity Futures Trading Commission has reportedly alerted the Department of Justice of a criminal scheme by banks to allegedly manipulate the ISDAfix benchmark.
According to reports, the CFTC says it has evidence that banks colluded to rig the benchmark, which affects trillions of dollars worth of financial products. The CFTC first launched an investigation into the matter in 2012 by sending subpoenas to several major financial institutions, an unnamed source said.
Details regarding which banks are accused by the CFTC of the collusion are unavailable.
The CFTC’s notice to the DOJ comes just days after the Alaska Electrical Pension Fund filed a lawsuit against 13 banks including Bank of America, Citigroup and Barclays of manipulating the ISDAfix benchmark. The UK’s Financial Conduct Authority is also reportedly probing allegations of rate rigging.
Full content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Court Order Temporarily Halts U.S. Consumer Financial Protection Bureau Layoffs
Feb 16, 2025 by
CPI
Nokia Poised to Gain EU Approval for $2.3 Billion Infinera Acquisition
Feb 16, 2025 by
CPI
Turkey Fines Frito-Lay in Antitrust Crackdown
Feb 16, 2025 by
CPI
Advances Bill to Strengthen Antitrust Enforcement Through AI
Feb 16, 2025 by
CPI
Intel Faces Potential Breakup as Broadcom and TSMC Explore Deals
Feb 16, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon