Home / Cases / Benchmark submission rigging Benchmark submission rigging enforcement actions This library records 53 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 53
Total penalties $4.8bn
Median penalty $90m
Largest $1.4bn
Criminal parallel 38% 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 SEC v. The Bancorp, Inc. (benchmark submission rigging, 2022) SEC 2022-08-24 — settled FCA v. Philippe Moryoussef Individual (benchmark submission rigging, 2022) FCA 2022-07-15 — filed FCA v. Colin Bermingham Individual (benchmark submission rigging, 2021) FCA 2021-09-27 — filed OSC v. The Toronto-Dominion Bank (benchmark submission rigging, 2019) OSC 2019-08-26 — settled FCA v. Terry John Farr (benchmark submission rigging, 2019) FCA 2019-05-29 — judgment FCA v. Jonathan Mathew Individual (benchmark submission rigging, 2018) FCA 2018-10-30 — 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 FCA v. Christian Bittar (benchmark submission rigging, 2018) FCA 2018-09-14 — dismissed 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 FCA v. Guillaume Adolph (benchmark submission rigging, 2018) FCA 2018-02-15 — settled CFTC v. Deutsche Bank Securities Inc. (benchmark submission rigging, 2018) CFTC 2018-02-01 $70m judgment FCA v. Neil Danziger (benchmark submission rigging, 2018) FCA 2018-01-08 — unknown 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 FCA v. Peter Charles Johnson Individual (benchmark submission rigging, 2016) FCA 2016-08-26 — filed 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 FCA v. Paul White (benchmark submission rigging, 2016) FCA 2016-04-08 — unknown 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 FCA v. Lee Bruce Stewart (benchmark submission rigging, 2015) FCA 2015-07-21 — unknown 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 FCA v. Barclays Bank PLC (benchmark submission rigging, 2015) FCA 2015-05-20 — settled CFTC v. of Manipulation (benchmark submission rigging, 2015) CFTC 2015-04-24 $800m judgment FCA v. Deutsche Bank AG (benchmark submission rigging, 2015) FCA 2015-04-23 — dismissed FCA v. David Caplin (benchmark submission rigging, 2015) FCA 2015-01-22 — settled FCA v. Jeremy Kraft (benchmark submission rigging, 2015) FCA 2015-01-22 — settled CFTC v. Five Banks (benchmark submission rigging, 2014) CFTC 2014-11-13 $1.4bn judgment FCA v. Citibank N.A. (benchmark submission rigging, 2014) FCA 2014-11-11 — settled FCA v. HSBC Bank plc (benchmark submission rigging, 2014) FCA 2014-11-11 — settled FCA v. JPMorgan Chase Bank N.A. (benchmark submission rigging, 2014) FCA 2014-11-11 — settled FCA v. The Royal Bank of Scotland plc (benchmark submission rigging, 2014) FCA 2014-11-11 — settled FCA v. UBS AG (benchmark submission rigging, 2014) FCA 2014-11-11 — settled CFTC v. Lloyds Banking Group and Lloyds Bank (benchmark submission rigging, 2014) CFTC 2014-07-29 $105m judgment FCA v. Daniel James Plunkett Individual (benchmark submission rigging, 2014) FCA 2014-05-23 — settled CFTC v. RP Martin Holdings Limited and Its Subsidiary (benchmark submission rigging, 2014) CFTC 2014-05-16 $1.2m judgment FCA v. Martin Brokers (UK) Ltd (Martins) (benchmark submission rigging, 2014) FCA 2014-05-15 — settled CFTC v. Co (benchmark submission rigging, 2013) CFTC 2013-10-30 $475m judgment FCA v. Coöperatieve Centrale Raiffeisen–Boerenleenbank B.A. (‘Rabobank’) (benchmark submission rigging, 2013) FCA 2013-10-29 — settled 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 FCA v. ICAP Europe Ltd (benchmark submission rigging, 2013) FCA 2013-09-25 — settled CFTC v. The Royal Bank of Scotland plc and RBS Securities Japan Limited (benchmark submission rigging, 2013) CFTC 2013-02-07 $325m judgment FCA v. The Royal Bank of Scotland plc (benchmark submission rigging, 2013) FCA 2013-02-06 — settled