Bloomberg reports that ISDA is "seeking offers from companies wanting to become the benchmark administrator for ISDAfix, a measure used in the $426 trillion swaps market." I can imagine what the job qualifications should probably say: applicant must not have any positions in the swaps market; must not have employees who are friendly with banks' swaps traders; must be immune to all types of material and spiritual temptations. NOTE: we don't know if there have been any past wrongdoings and we're not saying that there has been. But, just changing the administrator is insufficient to prevent potential future wrongdoing. ISDA needs to make sure the administrator is a party that has no trading interests that could be impacted by the ISDAfix.
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