20th Sep 2013 11:46
LONDON (Alliance News) - ICAP PLC is set to agree a reduced settlement for rigging key benchmark LIBOR, according to Sky News City Editor Mark Kleinman.
Kleinman, citing sources close to the discussions, said ICAP would be fined less than the original GBP70 million it had been expected to pay to regulators in the UK and US.
Consumer watchdog the Financial Services Authority will probably impose a GBP20 million fine on ICAP, though Kleinman said, "it is unclear whether this deal will include the Commodity Futures Trading Commission, the US regulator".
Barclays PLC, UBS and Royal Bank of Scotland Group PLC have paid approximately USD2.6 billion in fines and settlements to UK and US authorities over Libor-rigging in the wake of the scandal.
The London Interbank Offered Rate, which was rigged by banks eager to present their finances in better light, is the rate at which banks are willing to lend to each other in the wholesale markets and directly influences the value of trillions of dollars of financial deal between institutions.
http://news.sky.com/story/1144340/regulators-poised-to-unveil-icap-libor-deal
By Samuel Agini; [email protected]; @samuelagini
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