6th Sep 2013 07:33
LONDON (Alliance News) - Inter-dealer broker ICAP Plc (IAPLF.PK, IAPLY.PK, IAP.L) is in talks with the US and UK regulators to end an investigation of its alleged role in the manipulation of London interbank offered rate or Libor, according to media sources.
According to the people familiar with the negotiations, an agreement with the US Justice Department and Commodity Futures Trading Commission or CFTC and the UK Financial Conduct Authority or FCA is likely to be materialized.
The regulators have fined UBS, Barclays and Royal Bank of Scotland, a total of $2.6 billion over the rigging of Libor, which is used to price trillions of dollars worth of products, including derivatives and mortgages. British prosecutors have alleged in court that former UBS and Citi trader Tom Hayes conspired with employees from at least 10 financial institutions, including ICAP, to manipulate rates. However, earlier this year, ICAP said that none of its senior management knew about the manipulation.
Copyright RTT News/dpa-AFX
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