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
Rare commodities are worth more than good is a Chinese adage. And more so when it is in the sought-after drug space. Rare and ultra-rare diseases, also called orphan and ultra-orphan diseases, as the names imply, affect very small numbers of patients. So why the clamor? Shares of steel giant ArcelorMittal were losing around 4 percent in the early morning trading in Amsterdam after the company reported sharp decline in first-quarter EBITDA, a key earnings metric, as sales were weak with lower prices and production. Net loss, however, narrowed from last year. The company also confirmed its forecast for annual EBITDA, which is lower than last year. As the din settles down on a dismal quarter at one of the world's exciting tech company, it is time to sit back and take stock of what went wrong and will the wrong be righted in the near term?
comments powered by Disqus
Follow RTT