Market Manipulation Investigations

Market manipulation cases have become increasingly common since the mid-2000s, disputes and litigation between parties and regulatory actions have proliferated.

We have consulted in many matters including ISDA fix manipulation, LIBOR manipulation, and FX fixes. We have also consulted in matters involving alleged Treasury auction manipulations and alleged corporate bond auction manipulations.

• Advised on market practice

• Calculated damages

• Computed “but-for” levels

We have also consulted on alleged manipulation of valuations used in options settlements.

Selected regulatory actions involving market manipulation:

• Statement of Commissioner Christy Goldsmith Romero Regarding Notice of Proposed Rulemaking to Amend Swap Clearing Requirement to Transition Further Away from LIBOR - May, 2022

• CFTC Orders Barclays to Pay $115 Million Penalty for Attempted Manipulation of and False Reporting of U.S. Dollar ISDAFIX Benchmark Swap Rates - May, 2015

• CFTC Orders Five Banks to Pay over $1.4 Billion in Penalties for Attempted Manipulation of Foreign Exchange Benchmark Rates - Nov, 2014