U.K. Probing Alleged ISDAfix Manipulation, Regulator Says
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U.K. regulators are investigating alleged manipulation of a benchmark measure tied to interest-rate swaps, the agency’s chief told lawmakers yesterday.
The Financial Conduct Authority is working with the U.S. Commodity Futures Trading Commission, FCA Chief Executive Officer Martin Wheatley said at yesterday’s hearing in London. The CFTC is going over 1 million e-mails as well as taped phone calls as it examines whether ISDAfix, which helps determine everything from interest on annuities to borrowing costs on bonds linked to skyscrapers, was manipulated, a person familiar with the situation said earlier this year.