Responding to a report, interdealer broker ICAP Plc. (IAP.L,IAPLY.PK,IAPLF.PK) Tuesday clarified that it does not make submissions to the ISDAfix benchmark. The stock is down more than 3 percent in early morning trading.
Bloomberg reported Monday, quoting people familiar with the matter, that the Commodity Futures Trading Commission or CFTC has issued subpoenas to ICAP and 15 Wall Street banks, as part of a probe into possible price manipulation of the benchmark interest rate swaps.
ICAP said in a statement today, ''ICAP does not make submissions to ISDAFIX. ICAP is involved in the administration of part of the ISDAFIX process, and is cooperating with the CFTC's wider inquiry into this area. ICAP maintains policies that prohibit any of the behaviour that has been alleged in the media.''
The firm said it had no knowledge of the allegations before the news emerged, and is investigating them. ICAP said it would not make further comments until those investigations are complete.
Report in Bloomberg had said that the U.S. watchdog plans to interview current and former brokers at ICAP's Jersey City, New Jersey, office as well as dealers who contribute prices used to set the daily ISDAfix swap rates.
The regulator was investigating whether ICAP brokers are colluding with dealers who would benefit from inaccurate quotes, it added.
IAP.L is currently falling 3.6 percent in early morning trade at 282.30 pence.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.