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.

The CFTC

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