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<h2 id="restructuring">Restructuring</h2> <p>As part of the <a href="/facts/Libor_scandal/Tw2gJ2NH">Libor scandals</a> from 2012 the ISDAFIX fixes came in for criticism. The American <a href="/facts/Commodity_Futures_Trading_Commission/CkMVRt4h">Commodity Futures Trading Commission</a> and the UK <a href="/facts/Financial_Conduct_Authority/q9AWSVdY">Financial Conduct Authority</a> investigated manipulation allegations.<a class="footnote-ref" id="fnref:6" href="#fn:6"><sup>6</sup></a><a class="footnote-ref" id="fnref:7" href="#fn:7"><sup>7</sup></a> ICAP, which in the wake of the <a href="/facts/Libor_scandal/Tw2gJ2NH">Libor scandal</a> paid penalties in the amount of $87 million to British and American authorities, during the ongoing investigations in early 2014 lost its role in the <a href="/facts/Data_collection/rEGBdDzj">data collection</a> for and calculation of the ISDAFIX rates for the U.S. dollar.<a class="footnote-ref" id="fnref:8" href="#fn:8"><sup>8</sup></a><a class="footnote-ref" id="fnref:9" href="#fn:9"><sup>9</sup></a><a class="footnote-ref" id="fnref:10" href="#fn:10"><sup>10</sup></a> </p><p>ISDA also announced changes to ISDAFIX. The US dollar sets and others were switched to a market-based, automated calculation process; it was also agreed to further reduce the portfolio of offered reference rates when the associated swap market is insufficiently liquid.<a class="footnote-ref" id="fnref:11" href="#fn:11"><sup>11</sup></a> </p> <h2 id="external-links">External links</h2> <ul><li><a href="https://www.isdadocs.org/fix/isdafix.html">Overview on the website of ISDA</a> <a href="https://web.archive.org/web/20070707210820/https://www.isdadocs.org/fix/isdafix.html">Archived</a> 2007-07-07 at the <a href="/facts/Wayback_Machine/nmQ3a6JC">Wayback Machine</a></li></ul> <h2 id="references">References</h2> <ol> <li id="fn:1"><p>"ICE Benchmark Administration Completes Transition to New ISDAFIX Calculation Methodology; Benchmark Renamed ICE Swap Rate". Business Wire. 1 April 2015. <a href="http://www.businesswire.com/news/home/20150401005074/en/ICE-Benchmark-Administration-Completes-Transition-ISDAFIX-Calculation" target="_blank">http://www.businesswire.com/news/home/20150401005074/en/ICE-Benchmark-Administration-Completes-Transition-ISDAFIX-Calculation</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></p></li> <li id="fn:2"><p>"ISDAFIX". ISDA - International Swaps and Derivatives Association, Inc. 11 March 2014. Archived from the original on 6 July 2014. Retrieved 13 August 2014. <a href="https://web.archive.org/web/20140706105057/http://www2.isda.org/asset-classes/interest-rates-derivatives/isdafix" target="_blank">https://web.archive.org/web/20140706105057/http://www2.isda.org/asset-classes/interest-rates-derivatives/isdafix</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></p></li> <li id="fn:3"><p>Saigol, Lina (9 April 2003). "How the ISDAFIX benchmark is calculated". Financial Times. Retrieved 11 March 2014. <a href="https://www.ft.com/cms/s/0/1f3b7856-A10b-11e2-990c-00144feabdc0.html" target="_blank">https://www.ft.com/cms/s/0/1f3b7856-A10b-11e2-990c-00144feabdc0.html</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></p></li> <li id="fn:4"><p>ISDA.: [1] "ISDAFIX - Rate Suspensions - Guidance Note". January 27, 2014, accessed on 11 March 2014 <a href="https://www2.isda.org/attachment/NjI1NQ==/ISDAFIX%20Suspension%20Guidance%20FINAL%2027%2001%2014.pdf" target="_blank">https://www2.isda.org/attachment/NjI1NQ==/ISDAFIX%20Suspension%20Guidance%20FINAL%2027%2001%2014.pdf</a> <a href="#fnref:4" class="footnote-back-ref">↩</a></p></li> <li id="fn:5"><p>"ISDAFIX". ISDA - International Swaps and Derivatives Association, Inc. 11 March 2014. Archived from the original on 6 July 2014. Retrieved 13 August 2014. <a href="https://web.archive.org/web/20140706105057/http://www2.isda.org/asset-classes/interest-rates-derivatives/isdafix" target="_blank">https://web.archive.org/web/20140706105057/http://www2.isda.org/asset-classes/interest-rates-derivatives/isdafix</a> <a href="#fnref:5" class="footnote-back-ref">↩</a></p></li> <li id="fn:6"><p>Bloomberg Online.: U.K. Probing Alleged ISDAFIX manipulation, Regulator Says. September 11, 2013, accessed on 11 March 2014th <a href="https://www.bloomberg.com/news/2013-09-10/u-k-probing-alleged-isdafix-rate-manipulation-regulator-says.html" target="_blank">https://www.bloomberg.com/news/2013-09-10/u-k-probing-alleged-isdafix-rate-manipulation-regulator-says.html</a> <a href="#fnref:6" class="footnote-back-ref">↩</a></p></li> <li id="fn:7"><p>"Goldman Pays $120M CFTC Fine For ISDAfix Rate Rigging". Law360. December 21, 2016. <a href="http://www.law360.com/securities/articles/875455/breaking-goldman-pays-120m-cftc-fine-for-isdafix-rate-rigging?nl_pk=ebd00b34-16d4-458b-ab19-0ca863c46481" target="_blank">http://www.law360.com/securities/articles/875455/breaking-goldman-pays-120m-cftc-fine-for-isdafix-rate-rigging?nl_pk=ebd00b34-16d4-458b-ab19-0ca863c46481</a> <a href="#fnref:7" class="footnote-back-ref">↩</a></p></li> <li id="fn:8"><p>Taibbi, Matt (April 25, 2013). "No Price Big Banks Can't Fix". Rolling Stone. <a href="https://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425" target="_blank">https://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425</a> <a href="#fnref:8" class="footnote-back-ref">↩</a></p></li> <li id="fn:9"><p>Hutchison, Clare (February 5, 2014). "UPDATE 2-Broker ICAP sees role in benchmark setting - CEO". Reuters. <a href="https://www.reuters.com/article/icap-results-idUSL5N0LA0R320140205" target="_blank">https://www.reuters.com/article/icap-results-idUSL5N0LA0R320140205</a> <a href="#fnref:9" class="footnote-back-ref">↩</a></p></li> <li id="fn:10"><p>""ISDA lässt Reuters rechnen" (ISDA to let Reuters make calculations)". Börsen-Zeitung. 28 January 2014. p. 2. <a href="https://www.boersen-zeitung.de/index.php?li=1&artid=2014018013&j=ov" target="_blank">https://www.boersen-zeitung.de/index.php?li=1&artid=2014018013&j=ov</a> <a href="#fnref:10" class="footnote-back-ref">↩</a></p></li> <li id="fn:11"><p>Sheffield, Hazel (January 31, 2014). 'ISDA Starts Transition To Automated Benchmarks.' Derivatives Week. <a href="#fnref:11" class="footnote-back-ref">↩</a></p></li> </ol>