The European Commission has fined the UK based broker ICAP $17 million for having breached EU antitrust rules by facilitating several cartels in the sector of Yen interest rate.
ICAP’s anti-competitive conduct concerned discussions between traders of the participating banks on certain JPY LIBOR submissions. The traders involved also exchanged, commercially sensitive information relating either to trading positions. ICAP chose not to settle the case.
“Today’s decision to fine the broker ICAP sends a strong signal that assisting companies in their cartel activities has severe consequences. It marks the successful completion of our antitrust investigation in the Yen interest rate derivatives sector – but not the end to our efforts to fight anti-competitive practices in financial markets.” Commissioner Margrethe Vestager said.
Full Content: Reuters