A PYMNTS Company

EU: Commission prepares ICAP For LIBOR charges

By  |  June 10, 2014

The European Commission has reportedly warned the world’s largest interdealer broker ICAP that it may have violated antitrust law by participating in a market-rigging cartel, a move reports say gives ICAP a last chance to organize its defense ahead of formal charges.

The Commission said Tuesday it sent the broker a statement of objections as part of its broader investigation into alleged LIBOR and Euribor benchmark rigging. UK and US authorities have already fined ICAP a total of $87 million in fines related to the allegations, reports say.

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.

Full content: Reuters

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