Faulty Troubleshooting Hurt Citi In CFTC Benchmark Probe
By Jeff Zalesin (May 25, 2016, 9:52 PM EDT) -- The U.S. Commodity Futures Trading Commission's $425 million package of benchmark-manipulation settlements with Citibank and affiliates shows that the bank had some lapses in its effort to root out the alleged trader misconduct, potentially adding to its future legal headaches, experts say.
The CFTC and Citibank settled the ISDAfix claims with a $250 million civil penalty and the Libor and Euroyen Tibor claims with a $175 million penalty. (Credit: AP) In a pair of Wednesday orders, the CFTC dinged Citibank for giving "deficient" initial answers about the U.S. Dollar International Swaps and Derivatives Association Fix and accused the bank of continuing...
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