[2] It was based on voluntary quotations provided by certain banks that indicated the fixed rate they would pay or receive to enter into a reference swap with a nominal value of 50 million dollars.

[3] ISDAFIX fixes as of February 2014 were determined for four currencies (Euros, British pounds, Swiss francs, and U.S. dollars), each in different maturities; the rates for the Hong Kong dollar and the Japanese yen were suspended in April 2013 and January 2014, respectively, because the withdrawal of individual banks reduced the number of available quotations.

The American Commodity Futures Trading Commission and the UK Financial Conduct Authority investigated manipulation allegations.

[5][6] ICAP, which in the wake of the Libor scandal paid penalties in the amount of $87 million to British and American authorities, during the ongoing investigations in early 2014 lost its role in the data collection for and calculation of the ISDAFIX rates for the U.S.

The US dollar sets and others were switched to a market-based, automated calculation process; it was also agreed to further reduce the portfolio of offered reference rates when the associated swap market is insufficiently liquid.