ICAP under investigation by FSA for Libor setting


ICAP being investigated for possible role in helping banks in their efforts to rig interest rates.

Interbroker dealer ICAP, which also operates EBS, one of the leading Forex ECNs, acknowledged that it has been asked to provide information to regulators regarding the setting of Libor, and that one of its subsidiaries is the subject of an FSA investigation on the matter.

Some large banks, including Barclays, have already come settled related charges with the FSA.

ICAP does not contribute directly to the Libor setting process, but regulators have called into question the role that individual brokers, at ICAP and rival firms, may have played as conduits to manipulation by traders working at investment banks.

Several interesting articles on the topic have appeared recently in the Wall Street Journal, Bloomberg, and Reuters.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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ICAP under investigation by FSA for Libor setting

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