Deutsche Bank fined €56 million for trying to rig benchmark rate
Deutsche Bank agrees to €56 million to settle US regulator's claims traders sought to manipulate a benchmark for interest-rate derivatives and other financial instruments
For years, traders at Deutsche Bank Securities sought to rig the ISDAfix to benefit the firms' positions on cash-settled options on interest-rate swaps, the Commodity Futures Trading Commission said in a statement late Thursday announcing the settlement. Investigators said the bank's personnel attempted to steer the rate with a pair of strategies and that abuses occurred from 2007 until May of 2012.
The bank's staff allegedly knew, and even discussed, that they were breaking the law. At one point, a trader confided to a broker that " lot of people would actually do jail time" if the government ever caught on, the agency wrote in its statement.
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