On August 29, the CFTC issued an order filing and settling charges against BNP Paribas Securities Corp. (BNP Paribas) for attempted manipulation of the ISDAFIX benchmark and requiring BNP Paribas to pay a $90 million civil monetary penalty. The CFTC’s order finds that over a five-year period, beginning around May 2007 and continuing through at least August 2012, BNP Paribas attempted to manipulate the U.S. Dollar USD ISDAFIX, a leading global benchmark referenced in a range of interest rate products, to benefit BNP Paribas’s derivatives positions in instruments such as cash-settled options on interest rate swaps and certain exotic structured products. According to the order, BNP Paribas traders attempted to manipulate the USD ISDAFIX by bidding, offering, and executing transactions of swap spreads at the critical 11:00 a.m. fixing time in order to affect the “print,” i.e., the reference rates captured at 11:00 a.m. and sent to submitting banks. In addition, the CFTC’s order alleges that BNP Paribas traders attempted to manipulate the USD ISDAFIX by making USD ISDAFIX submissions higher or lower for the purpose of benefitting derivative positions priced or valued against the benchmark. The CFTC’s order also recognizes BNP Paribas’s cooperation with the Division of Enforcement’s investigation.