ICAP CEO Says No Inappropriate Conduct Found in ISDAFix
This article is for subscribers only.
ICAP Plc Chief Executive Officer Michael Spencer said an internal probe into allegations brokers manipulated ISDAFix, the benchmark for the $379 trillion swaps market, found no evidence of wrongdoing.
The Commodity Futures Trading Commission is investigating employees at ICAP’s U.S. interest-rate swap desk as well as at least 15 banks over allegations they colluded to create inaccurate quotes to a computer screen used by the industry to price swaps to inflate bank profits, Bloomberg reported April 8.