Regulators are investigating whether "a benchmark daily rate set by a group of banks" has been...

|By:, SA News Editor

Regulators are investigating whether "a benchmark daily rate set by a group of banks" has been the subject of widespread manipulation. Sound familiar? The CFTC has issued multiple subpoenas in connection with its investigation into the possible manipulation of ISDAFIX, the rate referenced by $379T (that's "trillion") of interest-rate swaps which are used by "everyone from hedge funds to manufacturing companies … to protect against fluctuations in funding costs."