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Deutsche Bank: Manipulation at the expense of retirees?

After the unveiling of the manipulation of the reference rate Libor, another scandal now seems to be unfurling: The Deutsche Bank (and other Wall Street banks) is being accused of manipulation of ISDAfix, a reference rate for interest rate swaps. The ISDAfix calculates prices for derivatives and therefore simplifies the private trade of derivatives. It is utilized by pension fonds, companies or even bond fonds, in order to hedge against losses or speculate on interest rate fluctuation. According to the American Commodity Futures Trading Commission, wiretapped telephone conversations and emails support these claims. The harm of this manipulation is supposed to exceed even the Libor scandal. This is mainly due to the fact that the ISDAfix concerns pension fonds and therefore harms pensioners. As with Libor, the ISDAfix manipulation is expected only to be the tip of the iceberg of how banks act on global markets for their own profit.