The CFTC issued two orders against a bank and its affiliates for benchmark abuses, currency manipulation and attempting to file false reports. The combined orders levied $425 million in penalty charges.
State regulators announced a $100 million, 44-state settlement with a bank for fraudulent and anticompetitive conduct involving the manipulation of the U.S. Dollar London Interbank Offered Rate and other benchmark interest rates.
A financial services firm and its parent company agreed to pay a $120 million penalty to settle CFTC charges that it submitted false reports in an attempt to manipulate a global benchmark for interest rate products.
ISDA, the Association of Financial Markets in Europe, International Capital Market Association, and SIFMA highlighted the challenges of transitioning from Interbank Offered Rates to risk free rates.