trending Market Intelligence /marketintelligence/en/news-insights/trending/uJr7_tYgkoO_voaFCz-7hQ2 content esgSubNav
In This List

Goldman Sachs to pay $120M penalty over alleged rate manipulation

Blog

Banking Essentials Newsletter 2021: December Edition

Blog

Automating Credit Risk Surveillance Using Statistical Models

Blog

Post-webinar Q&A: Speed and Scalability – Automation in Credit Risk Modeling

Case Study

A Chinese Bank Takes Steps to Minimize Risks as it Supports International Trade


Goldman Sachs to pay $120M penalty over alleged rate manipulation

The U.S. Commodity Futures Trading Commission imposed a $120 million civil monetary penalty on Goldman Sachs Group Inc. and its unit, Goldman Sachs & Co., to resolve allegations of manipulation and false reporting of a global dollar benchmark for interest rate products.

The regulator said the companies have tried on several instances between January 2007 and March 2012 to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix benchmark. Goldman Sachs was also asked to take remedial steps that would prevent traders from manipulating swap rates in the future.

"We are pleased to have resolved these matters and have already taken steps to enhance our policies and procedures," Goldman Sachs spokesman Michael DuVally said in a statement emailed to S&P Global Market Intelligence.