Home / Cases / Benchmark submission rigging Benchmark submission rigging enforcement actions This library records 34 enforcement actions tagged benchmark submission rigging. Benchmark submission rigging is skewing the figures a panel member reports into a reference rate calculation, so that the published benchmark moves in favour of positions that settle against it.
Actions are listed newest first. Each row links to a case page carrying the regulator's own release and, where one was published, the complaint. For how this technique works and what statute it engages, read the benchmark submission rigging technique page.
Actions 34
Total penalties $4.9bn
Median penalty $110m
Largest $1.5bn
Criminal parallel 35% Action Agency Filed Penalty Status FCA v. Philippe Moryoussef Individual (benchmark submission rigging, 2022) FCA 2022-07-15 — judgment FCA v. Colin Bermingham Individual (benchmark submission rigging, 2021) FCA 2021-09-27 — settled FCA v. Terry John Farr (benchmark submission rigging, 2019) FCA 2019-05-29 — judgment FCA v. Jonathan Mathew Individual (benchmark submission rigging, 2018) FCA 2018-10-30 — judgment CFTC v. Bank of America (benchmark submission rigging, 2018) CFTC 2018-09-19 $30m judgment CFTC v. ICAP Capital Markets LLC (benchmark submission rigging, 2018) CFTC 2018-09-18 $50m judgment FCA v. Christian Bittar (benchmark submission rigging, 2018) FCA 2018-09-14 — judgment CFTC v. BNP Paribas (benchmark submission rigging, 2018) CFTC 2018-08-29 $90m judgment CFTC v. JPMorgan Chase Bank (benchmark submission rigging, 2018) CFTC 2018-06-18 $65m judgment CFTC v. Société Générale S.A. (benchmark submission rigging, 2018) CFTC 2018-06-04 $475m judgment FCA v. Guillaume Adolph (benchmark submission rigging, 2018) FCA 2018-02-15 — settled CFTC v. Deutsche Bank Securities Inc. (benchmark submission rigging, 2018) CFTC 2018-02-01 $70m judgment FCA v. Neil Danziger (benchmark submission rigging, 2018) FCA 2018-01-08 — judgment CFTC v. The Royal Bank of Scotland (benchmark submission rigging, 2017) CFTC 2017-02-03 $85m judgment CFTC v. Goldman Sachs (benchmark submission rigging, 2016) CFTC 2016-12-21 $120m judgment FCA v. Peter Charles Johnson Individual (benchmark submission rigging, 2016) FCA 2016-08-26 — judgment CFTC v. Citibank (benchmark submission rigging, 2016) CFTC 2016-05-25 $175m judgment FCA v. Paul White (benchmark submission rigging, 2016) FCA 2016-04-08 — judgment FCA v. Lee Bruce Stewart (benchmark submission rigging, 2015) FCA 2015-07-21 — judgment CFTC v. Barclays (benchmark submission rigging, 2015) CFTC 2015-05-20 $115m judgment CFTC v. Barclays Bank PLC (FX benchmark manipulation, 2015) CFTC 2015-05-20 $400m settled CFTC v. Deutsche Bank AG (LIBOR and Euribor manipulation, 2015) CFTC 2015-04-23 $800m settled FCA v. Deutsche Bank AG (benchmark submission rigging, 2015) FCA 2015-04-23 — settled FCA v. David Caplin (benchmark submission rigging, 2015) FCA 2015-01-22 — settled CFTC v. Citibank, HSBC, JPMorgan, RBS and UBS (FX benchmark manipulation, 2014) CFTC 2014-11-12 $1.5bn settled CFTC v. Lloyds Banking Group and Lloyds Bank (benchmark submission rigging, 2014) CFTC 2014-07-28 $105m settled CFTC v. RP Martin Holdings Limited and Its Subsidiary (benchmark submission rigging, 2014) CFTC 2014-05-15 $1.2m settled FCA v. Martin Brokers (UK) Ltd (Martins) (benchmark submission rigging, 2014) FCA 2014-05-15 — settled CFTC v. Rabobank (benchmark submission rigging, 2013) CFTC 2013-10-29 $475m settled FCA v. Coöperatieve Centrale Raiffeisen–Boerenleenbank B.A. (‘Rabobank’) (benchmark submission rigging, 2013) FCA 2013-10-29 — settled CFTC v. ICAP Europe Limited (benchmark submission rigging, 2013) CFTC 2013-09-25 $65m settled FCA v. ICAP Europe Ltd (benchmark submission rigging, 2013) FCA 2013-09-25 — settled CFTC v. The Royal Bank of Scotland plc and RBS Securities Japan Limited (benchmark submission rigging, 2013) CFTC 2013-02-06 $325m settled FCA v. The Royal Bank of Scotland plc (benchmark submission rigging, 2013) FCA 2013-02-06 — settled