US banking giant JP Morgan Chase was hit with a $65m (£49m) fine by US regulators today for attempted manipulation of the ISDAfix benchmark.

The Commodity Futures Trading Commission (CFTC) said the bank made false reports and attempted to manipulate the US Dollar International Swaps and Derivatives Association Fix to benefit its derivatives positions between 2007 and 2012.

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ISDAfix rates are used to help value the cash settlement of options on interest rate swaps and other products. Pension funds and local governments often rely on products priced off the benchmark rate to help hedge against future interest rate changes.

The benchmark swap rates and spreads that are published daily indicate the prevailing mid-market rate, at a specific time of day, for the fixed leg of a standard fixed-for-floating interest rate swap.

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A spokesperson for JP Morgan said: “Were pleased to have this matter behind us.”

Other big banks including Goldman Sachs, Barclays and Citigroup had to settle similar charges relating to ISDAfix benchmark case with the regulator in 2015 and 2016.