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NEX unit to pay US$50mln to settle US probe into rate manipulation

NEX's Intercapital Capital Markets subsidiary will pay the penalty with the US derivatives regulator

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The US CFTC had conducted an industry-wide probe into attempted manipulation of ISDAfix

NEX Group PLC (LON:NEX) said a subsidiary will pay a penalty of US$50mln from the U.S. Commodity Futures Trading Commission to settle a claim related to the ISDAfix rate benchmark.

The financial technology company said its Intercapital Capital Markets LLC subsidiary will pay the penalty under a settlement with the US derivatives regulator, which had conducted an industry-wide investigation into alleged manipulation of ISDAfix, which is a rate used for interest rate swaps.

NEX said: “The underlying CFTC investigation had been ongoing for a number of years and NEX is pleased to have brought this matter to a conclusion.”

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