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Citigroup smiley face turns sour as CFTC finds rate rigging

Traders easily manipulated key financial benchmarks from 2007-2012; bank to pay US$425m to resolve rigging charges

The New York-based bank neither admitted to nor denied the allegations by the CFTC. The alleged ISDAFIX violations generated most of the penalty: US$250 million.

New York

THE smiley face said it all. It was October 2008 and a Citigroup Inc trader was describing how easy it was to manipulate a key financial benchmark.

The trader wrote that ISDAFIX, as the benchmark is known, is "surprising(ly) easy to push! (I) think last week, (I) pushed it...

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