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Criminal Rate Rigging?

The CFTC, which can bring only civil legal action, is said to have alerted the Justice Department to criminal behavior behind manipulation of ISDAfix.

By Matthew Leising and Tom Schoenberg, Bloomberg | Updated on September 08, 2014

Derivatives regulators told the U.S. Justice Department they’ve found evidence of criminal behavior following an investigation into banks’ alleged manipulation of ISDAfix, a benchmark used to set rates for trillions of dollars of financial products.

The U.S. Commodity Futures Trading Commission (CFTC), which first sent subpoenas to the world’s largest banks in November 2012 to determine whether ISDAfix was rigged, has flagged its findings to prosecutors, according to a person familiar with the matter. The CFTC’s enforcement powers are confined to bringing civil, not criminal, cases. It isn’t clear who the CFTC suspects broke the law.

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