Fixing
A fixing is the determination of a benchmark price at a specific moment, usually by observing trading in a short window. Concentrating price determination into a window creates a well-defined target for anyone wanting to move it.
Where does fixing come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| CFTC v. Statoil ASA (price manipulation, 2017) | CFTC | 2017-11-14 | Price Manipulation , Settlement Price Manipulation | $4m | judgment |
| CFTC v. Joseph F. Welsh III (price manipulation, 2015) | CFTC | 2015-06-20 | Price Manipulation , Settlement Price Manipulation | $500k | judgment |
| CFTC v. of Attempted Manipulation and False Reporting of Foreign Exchange Benchmark Rates (benchmark submission rigging, 2015) | CFTC | 2015-05-21 | Benchmark Submission Rigging , FX Fixing +1 | $400m | judgment |
| CFTC v. of Manipulation (benchmark submission rigging, 2015) | CFTC | 2015-04-24 | Benchmark Submission Rigging , FX Fixing +1 | $800m | judgment |
| CFTC v. Five Banks (benchmark submission rigging, 2014) | CFTC | 2014-11-13 | Benchmark Submission Rigging , FX Fixing +1 | $1.4bn | judgment |