NEX Group to pay $50m penalty over ISDAfix benchmark

19th Sep 2018 08:38

(Sharecast News) - NEX Group has reached a settlement with the US Commodity Futures Trading Commission (CFTC) as part of an industry-wide investigation into the setting of the US dollar ISDAfix benchmark, it announced on Wednesday.The FTSE 250 company said it related to a NEX subsidiary company, Intercapital Capital Markets.Under the settlement, Intercapital will pay a civil monetary penalty to the CFTC of $50m."In the settlement order the CFTC notes Intercapital's cooperation throughout, allowing them to undertake their investigation efficiently and effectively," the NEX board noted."The underlying CFTC investigation had been ongoing for a number of years and NEX is pleased to have brought this matter to a conclusion."