Home / Cases / Benchmark submission rigging Benchmark submission rigging enforcement actions This library records 32 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 32
Total penalties $4.9bn
Median penalty $77.5m
Largest $1.4bn
Criminal parallel 44% Action Agency Filed Penalty Status SEC v. BlackRock Advisors, LLC (benchmark submission rigging, 2023) SEC 2023-10-24 — settled SEC v. Chatham Asset Management, LLC and Anthony Melchiorre (benchmark submission rigging, 2023) SEC 2023-04-03 $600k settled CFTC v. Former Trader (benchmark submission rigging, 2022) CFTC 2022-09-06 $250k judgment CFTC v. Swap Dealer (benchmark submission rigging, 2022) CFTC 2022-09-06 $2.8m judgment SEC v. The Bancorp, Inc. (benchmark submission rigging, 2022) SEC 2022-08-24 — settled CFTC v. Former Hawaii Resident (benchmark submission rigging, 2021) CFTC 2021-09-16 — filed 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 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 SEC v. New York Stock Exchange LLC and NYSE American LLC and NYSE Arca, Inc. (benchmark submission rigging, 2018) SEC 2018-03-06 — settled CFTC v. Deutsche Bank Securities Inc. (benchmark submission rigging, 2018) CFTC 2018-02-01 $70m judgment CFTC v. The Royal Bank of Scotland (benchmark submission rigging, 2017) CFTC 2017-02-04 $85m judgment CFTC v. Goldman Sachs (benchmark submission rigging, 2016) CFTC 2016-12-22 $120m judgment SEC v. Morgan Stanley & Co. LLC (benchmark submission rigging, 2016) SEC 2016-12-20 — settled SEC v. The Phoenix Companies, Inc. (benchmark submission rigging, 2016) SEC 2016-07-15 — settled SEC v. Ethiopian Electric Power (benchmark submission rigging, 2016) SEC 2016-06-08 — unknown CFTC v. Citibank (benchmark submission rigging, 2016) CFTC 2016-05-26 $175m judgment CFTC v. Navinder Sarao (benchmark submission rigging, 2015) CFTC 2015-11-07 $1.6m judgment SEC v. Citigroup Alternative Investments LLC and Citigroup Global Markets Inc. (benchmark submission rigging, 2015) SEC 2015-08-17 — settled CFTC v. Barclays (benchmark submission rigging, 2015) CFTC 2015-05-21 $115m judgment CFTC v. of Attempted Manipulation and False Reporting of Foreign Exchange Benchmark Rates (benchmark submission rigging, 2015) CFTC 2015-05-21 $400m judgment CFTC v. of Manipulation (benchmark submission rigging, 2015) CFTC 2015-04-24 $800m judgment CFTC v. Five Banks (benchmark submission rigging, 2014) CFTC 2014-11-13 $1.4bn judgment CFTC v. Lloyds Banking Group and Lloyds Bank (benchmark submission rigging, 2014) CFTC 2014-07-29 $105m judgment CFTC v. RP Martin Holdings Limited and Its Subsidiary (benchmark submission rigging, 2014) CFTC 2014-05-16 $1.2m judgment CFTC v. Dimitry Vishnevetsky (benchmark submission rigging, 2014) CFTC 2014-03-11 $1.9m judgment CFTC v. Co (benchmark submission rigging, 2013) CFTC 2013-10-30 $475m judgment CFTC v. UBS (benchmark submission rigging, 2013) CFTC 2013-10-25 $1.5m settled CFTC v. ICAP Europe Limited (benchmark submission rigging, 2013) CFTC 2013-09-26 $65m judgment CFTC v. The Royal Bank of Scotland plc and RBS Securities Japan Limited (benchmark submission rigging, 2013) CFTC 2013-02-07 $325m judgment