NEX Group to pay $50m penalty over ISDAfix benchmark

NEX Group has reached a settlement with the US Commodity Futures Trading Commission (CFTC) as part of an industry-wide investigation into the setting of the US dollar ISDAfix benchmark, it announced on Wednesday.

The FTSE 250 company said it related to a NEX subsidiary company, Intercapital Capital Markets.

Under the settlement, Intercapital will pay a civil monetary penalty to the CFTC of $50m.

“In the settlement order the CFTC notes Intercapital's cooperation throughout, allowing them to undertake their investigation efficiently and effectively,” the NEX board noted.

“The underlying CFTC investigation had been ongoing for a number of years and NEX is pleased to have brought this matter to a conclusion.”