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CFTC fines Deutsche Bank Securities $70M over ISDAFIX manipulation

The CFTC has ordered Deutsche Bank Securities Inc. to pay a $70 million civil monetary penalty for attempted manipulation of the ISDAFIX benchmark.

The order found that from January 2007 to May 2012, Deutsche Bank Securities made false reports and through the acts of multiple traders attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, or ISDAFIX, to benefit its derivatives positions, including positions involving cash-settled options on interest rate swaps.

The order further found that certain Deutsche Bank Securities options and/or swaps traders understood and employed trading attempted manipulation and submission attempted manipulation to manipulate ISDAFIX rates.

ISDAFIX is a global benchmark referenced in a range of interest rate products.