There were some pearls hidden in the 1 million + emails and recorded telephone calls gathered during the recent Forex manipulation investigation. . . . . how can I make free money with no fcking heads up.” Trader in an electronic chatroom. “. . . if you aint cheating, you aint trying.” Future Co-Head of UK FX Hedge Fund Sales
ISDAfix might not be a household word, but its impact on global markets is huge: The benchmark helps settle trades in the $381 trillion market for interest-rate swaps and the $44 trillion market for options on swaps. Banks use it to set coupons paid for bonds tied to commercial real estate. Fluctuations in ISDAfix help determine the performance of structured notes bought by wealthy individuals and the amounts some states pay on pension annuities.