WASHINGTON – Goldman Sachs (GS) has been ordered to pay $120 million to settle federal regulators’ charges that it deliberately manipulated a global benchmark for interest-rate swaps to its advantage.
The U.S. Commodity Futures Trading Commission said Wednesday that several Goldman traders, including the head of the bank’s Interest Rate Products Trading Group in the U.S., used trades and false reports to manipulate the benchmark between 2007 and 2012.
Specifically, the bank sought to manipulate what is known the U.S. Dollar International Swaps and Derivatives Association Fix. The scheme to affect the global benchmark for interest rate products was an effort to benefit Goldman’s derivatives holdings, the CFTC said.
Read More Here
GET MORE STORIES LIKE THIS
IN YOUR INBOX!
Sign up for our daily email and get the stories everyone is talking about.
