EU imposes €6.45 million fine on ICAP for yen cartel

European antitrust regulators issued a fine on the world’s largest interdealer broker ICAP for €6.45 million ($7.9 million) for participating in several yen interest rate derivatives cartels, Reuters reported today.

The European Commission previously fined ICAP €14.9 million in but in 2017 the court dismissed part of the ruling and removed the fine because of flaws in the Commission’s decision.

The Commission appealed in the Luxembourg Court but lost.


The EU competition enforcer said in a statement:

Today’s decision, correcting the procedural error and including a detailed reasoning on the fine calculation, imposes fines on the three entities of ICAP having participated in the five infringements at the time.

The ruling from 2015 accused ICAP of Libor rigging the yen in several cartels with Royal Bank of Scotland, UBS, Deutsche Bank and Citigroup at various periods.

In March, TP ICAP completed the acquisition of Liquidnet Holdings, Inc. Liquidnet’s acquisition propels TP CAP’s goals for trade process efficiency and best execution, which are driving the rapid electronification of financial market trading across multiple asset classes and especially, in the dealer-to-client segments of the credit and rates markets. The London-based broker recently announced the launch of the brand Parameta Solutions, a new brand for the data and analytics and post-trade offerings of TP ICAP.

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