ISDAfix Probe Expands as FCA Said to Join CFTC: Credit Markets
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The U.K. Financial Conduct Authority has started an inquiry into how ISDAfix swaps prices are set in British pounds, widening a price-manipulation probe of a benchmark that helps determine interest rates on everything from annuities to bonds linked to skyscrapers.
The FCA is working with the U.S. Commodity Futures Trading Commission and is in the early stages of its review, according to two people familiar with the matter, who asked not to be named because the inquiry is ongoing. The London-based regulator hasn’t opened a formal investigation, one of the people said.