On June 18, the CFTC issued an order filing and settling charges against JPMorgan Chase Bank, N.A. (JPMC) for attempted manipulation of the ISDAFIX benchmark and requiring JPMC to pay a $65 million civil monetary penalty. The CFTC’s order finds that over a five-year period, beginning in at least January 2007 and continuing through January 2012, JPMC made false reports and attempted to manipulate the U.S. Dollar ISDAFIX to benefit its derivatives positions, including positions involving cash-settled options on interest rate swaps. The order finds that certain JPMC traders employed two primary means in their attempts to manipulate USD ISDAFIX rates: trading attempted manipulation and submission attempted manipulation. James McDonald, CFTC Director of Enforcement, commented: “This matter is one in a series of CFTC actions that clearly demonstrates the Commission’s unrelenting commitment to root out manipulation from our markets and to protect those who rely on the integrity of critical financial benchmarks.”