February 2, 2018 / 1:56 AM / 2 months ago

CFTC orders Deutsche Bank unit to pay $70 million penalty

WASHINGTON (Reuters) - The U.S. Commodity Futures Trading Commission said it issued an order on Thursday filing and settling charges against Deutsche Bank Securities Inc, a unit of Deutsche Bank AG, for attempted manipulation of the ISDAFIX benchmark and requiring the firm to pay a $70 million civil penalty.

FILE PHOTO: Logos of Deutsche Bank AG are seen in Tokyo July 16, 2014. REUTERS/Toru Hanai/File Photo

The CFTC said that from at least January 2007 to until May 2012, Deutsche Bank Securities made false reports and attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a leading global benchmark referenced in a range of interest rate products.

It said Deutsche Bank Securities did so to benefit its derivatives positions, including positions involving cash-settled options on interest rate swaps.

“We have cooperated extensively with the CFTC’s investigation and have undertaken significant efforts to remediate benchmark-related activities,” Deutsche Bank said in a statement.

Reporting by Eric Beech; Editing by Eric Walsh and Sandra Maler

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