Jan. 27 (Bloomberg) -- ICAP Plc is about to be stripped of itsfunction setting a U.S. benchmark for interest-rate swaps asregulators look into whether banks manipulated the measure.
The International Swaps & Derivatives Association Inc.picked Thomson Reuters Corp. to handle collecting data from banksthat are used to calculate the dollar-denominated version ofISDAfix, a measure used in the $426 trillion swaps market,according to ISDA spokesman Steven Kennedy. He said the shift awayfrom ICAP, a London-based broker, will begin this week. Reutersalready handles versions of the rate outside the U.S.
Choosing a single firm to calculate all ISDAfix rates “and otherchanges to be implemented this week strengthen the process,governance and controls for the existing ISDAfix framework,”Kennedy wrote in an e-mail yesterday.
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