Page 19901: the benchmark that time forgot

CFTC probe into swap price rigging revives the ghosts of Libor manipulation

Tucked away in a corner of the Refinitiv Eikon terminal is a page known as 19901.

It contains prices of interest rate swaps and swap spreads.

It’s also at the heart of a rate-rigging probe that has strong echoes of recent manipulation scandals involving household-name benchmarks such as Libor and the foreign exchange 4pm fix.

In February, the US Commodity Futures Trading Commission charged Nomura trader John Gorman with manipulating the swap rates displayed on the 19901 screen.


Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here