LONDON, Feb 24 (Reuters) - The International Swaps and Derivatives Association (ISDA) has started looking for an independent administrator for the ISDAFIX benchmark which is being probed for possible rigging.
ISDA said in a statement on Monday it was inviting tenders to administer and calculate the ISDAFIX benchmark.
Regulators are keen for major benchmarks used across markets to be run by an independent body to maintain confidence in them.
Banks have already been fined for rigging the London Interbank Offered Rate or Libor and probes are also underway into foreign exchange benchmarks.
“The tender is the latest step in ISDA’s process to align ISDAFIX with evolving best practices in the setting of benchmark rates by establishing a fully automated rate-setting process,” ISDA said in a statement.
Last month the global swaps trade body announced changes to the benchmark to bring it in line with new standards from a global group of securities regulators that state benchmarks should be based on actual market transactions rather than estimates from banks.