UK BROKER ICAP is losing its role in establishing ISDAfix, a widely used benchmark for derivatives, with Thomson Reuters set to take on the job of collecting data for the US dollar rates.
The International Swaps and Derivatives Association (ISDA) announced the change yesterday, in another blow for ICAP after its involvement in the Libor rate-rigging scandal.
For the last 15 years ICAP has collated banks’ contributions for the US dollar rate and Thomson Reuters then calculated the rate.
“We appreciate ISDA’s interest in having a consistent polling process across each of the relevant currencies and fixings,” ICAP stated. Its shares fell 3.42 per cent.