WASHINGTON (Reuters) - The Commodity Futures Trading Commission (CFTC) has fined ICAP (LON:NXGN) Capital Markets LLC (ICAP) $50 million for aiding and abetting numerous attempts by several of its bank clients to manipulate a key benchmark, the regulatory agency said on Tuesday.
Individual traders working for ICAP, which helps broker deals between the major banks, helped clients attempt to manipulate the ISDAFIX benchmark, a leading global benchmark referenced in a range of interest rate products, the CFTC said.
The activity occurred between 2007 and 2012 and was designed to benefit the banks' derivatives positions, the CFTC said.