LONDON, April 30 (Reuters) - The International Swaps and Derivatives Association said on Wednesday it has selected ICE Benchmark Administration (IBA) to run its ISDAFIX benchmark, which is being investigated over alleged rigging.
IBA is part of the ICE exchanges group that owns NYSE Euronext. It is already the new administrator for the London Interbank Offered Rate (Libor), after banks were fined for manipulating that benchmark.
ISDA said the new administrator will be responsible for oversight, systems and controls for ISDAFIX, which is widely used to help price derivatives and other contracts.
It will also be responsible for collecting data and calculating the ISDAFIX rates, and for checking submissions from banks used to determine the rates.
Regulators want widely used benchmarks to be run by independent bodies rather than industry organisations in order to limit the potential for rigging.
Reporting by Huw Jones; editing by Jason Neely