The Goldman Sachs Group, Inc. and Goldman, Sachs & Co. settled charges brought by the Commodity Futures Trading Commission that, from January 2007 through March 2012, it attempted on multiple occasions to manipulate the US Dollar International Swaps and Derivatives Association Fix. (The ISDA Fix – now known as the ICE Swap Rate – is a global benchmark for market rates and spreads for standard interest rate swaps. Click here for details.) According to the CFTC, during the relevant time, Goldman made submissions to the daily disseminator of the ISDA Fix that were favorable to positions of Goldman, rather than reflecting the midpoint of where it would itself offer and bid a relevant swap, contrary to the requirements of the submission process. The CFTC claimed that Goldman’s submissions “involved multiple traders,” including the head of the firm’s interest rate products trading group in the United States. To resolve this matter Goldman agreed to pay a fine of US $120 million, among other sanctions, many of which reference remediation measures already taken.