EU: ICAP ramps up bias claims against European Commission

Months after Credit Agricole filed a complaint against the European Commission regarding its investigation into benchmark manipulation, ICAP has reportedly heightened the allegations and filed its own similar complaint against the watchdog.

ICAP, the world’s leading interdealer broker, joined the French bank in accusing the Commission of prejudice in its investigation into yen interest rate derivatives manipulation. The two companies were accused of benchmark-rigging along with UBS, Deutsche Bank, RBS, JPMorgan, Citigroup and RP Martin.

Credit Agricole and ICAP declined to admit wrongdoing, unlike the rest of the accused, which opted to pay a settlement.

Now, ICAP has joined Credit Agricole in filing a complaint to the European Ombudsman accusing the Commission of bias in its handling of the case. Credit Agricole filed its complaint in July, say reports. The Ombudsman declined to offer details on the complaints, but said that it will decide within a month or so whether to open an inquiry into the matter.

Full content: Reuters

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