Tag: Deutsche Bank Securities

Deutsche Bank Securities

Deutsche Fined $70m for Benchmark Manipulation

The Commodity Futures Trading Commission (CFTC) has fined Deutsche Bank Securities (DBSI) $70 million for attempted manipulation of the USD ISDAFIX benchmark.

The CFTC Order finds that over a five-year period, beginning in at least January 2007 and continuing through May 2012, DBSI made false reports and through the acts of multiple traders attempted to manipulate the US dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a leading global benchmark referenced in a range of interest rate products, to benefit its derivatives positions, including positions involving cash-settled options on interest rate swaps.

James McDonald, CFTC director of enforcement, comments: “This action reflects the CFTC’s continued and vigilant commitment to protect those who rely on the integrity of critical financial benchmarks. There is no room in our markets for manipulation – we will continue to work hard to stamp it out, wherever we find it.”