The Commodity Futures Trading Commission has issued subpoenas to ICAP Plc brokers and as many as 15 Wall Street banks as part of an investigation into possible price manipulation of benchmark interest-rate swaps, Bloomberg News reported yesterday. The CFTC plans to interview about a dozen current and former brokers at ICAP’s Jersey City, N.J., office, as well as dealers that contribute prices used to set the daily ISDAfix swap rates. The regulator is probing whether ICAP brokers are colluding with dealers who stand to profit from inaccurate quotes, including failing to update published market prices after trades occur.
