logo
Share SHARE
FONT-SIZE Plus   Neg

ICAP Negotiates With US, UK Regulators On Alleged Libor Rigging: Reports

Inter-dealer broker ICAP Plc (IAPLF.PK, IAPLY.PK, IAP.L) is in talks with the US and UK regulators to end an investigation of its alleged role in the manipulation of London interbank offered rate or Libor, according to media sources.

According to the people familiar with the negotiations, an agreement with the US Justice Department and Commodity Futures Trading Commission or CFTC and the UK Financial Conduct Authority or FCA is likely to be materialized.

The regulators have fined UBS, Barclays and Royal Bank of Scotland, a total of $2.6 billion over the rigging of Libor, which is used to price trillions of dollars worth of products, including derivatives and mortgages. British prosecutors have alleged in court that former UBS and Citi trader Tom Hayes conspired with employees from at least 10 financial institutions, including ICAP, to manipulate rates. However, earlier this year, ICAP said that none of its senior management knew about the manipulation.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
AIG reported a plunge in second-quarter profit, hurt by a decline at its insurance business, debt-related losses and lower gains from the sale of investments. However, its earnings topped Street estimates, partly on contribution from aircraft leasing giant AerCap. AIG also announced a boost in dividend and said it would buyback an additional $5 billion stock. Automakers on Monday reported strong U.S. vehicle sales for the month of July, driven by continued demand for trucks and sport-utility vehicles amid an improving economy, lower gas prices and easy availability of credit. Detroit's Big Three - General Motors Co., Ford Motor Co. and FCA US, LLC - all reported vehicle sales above analyst expectations. British lender Lloyds Banking Group Plc. Friday reported higher profit in its first half, benefited by increased net interest income and margin as well as lower impairment. Looking ahead, the company lifted its net interest margin forecast.
comments powered by Disqus
Follow RTT