Here Comes the Libor Scandal's Sequel

摘要

After fining banks billions of dollars over the last year for distorting a key interest rate known as Libor, regulators in the U.S. are now investigating whether a more obscure rate in another huge market is also rigged. The rate, known as ISDAfix, is a benchmark in the $379 trillion market for interest rate swaps, which corporations and governments use to fine-tune their borrowing costs. U.S. regulators have subpoenaed as many as 15 banks and about a dozen current and former brokers at ICAP, the company that collects the data submitted by banks to set ISDAfix prices, to determine if they're colluding to manipulate quotes. ICAP said in a statement on April 9 that it had no knowledge of price manipulations by its brokers, and that it is conducting its own inquiry.