A PYMNTS Company

EU: World’s largest interdealer broker to face fine over yen cartels

By  |  February 2, 2015

ICAP faces an EU fine this week for allegedly facilitating cartels on yen-denominated inter-rate benchmarks, as Brussels tackles the holdouts in rate-rigging probes that have already resulted in about $2 billion US in penalties.

A charge-sheet served against ICAP in June accused the broker of enabling illegal arrangements between banks in markets for the yen-based London interbank offered rate. ICAP has denied the allegations that it participated in the interest rate benchmark manipulation scheme between 2007 and 2010 and said it would defend itself “vigorously” against the claims.

“We will be very disappointed if the European Commission chooses to pursue this case. The European Commission has failed to put forward any evidence to show a competition violation. We remain of the view that these allegations are without any merit and we will take all steps available to defend ourselves.” ICAP said.

 

Full Content: Financial Times

 

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.