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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
Add BT as a preferred sourcePublished Thu, May 26, 2016 · 09:50 PM
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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 3bps from 10:55 to 11:05 :)", according to messages cited by the US government on Wednesday.
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