ICAP ordered to pay $87 mln fine in Libor rigging settlement
LONDON, Sept 25 (Reuters) - ICAP, the world's largest interdealer broker, has been fined $87 million by U.S. and UK regulators over its role in the Libor rate rigging scandal in the fourth regulatory settlement to emerge from a sprawling, global investigation.
ICAP is paying 14 million pounds to the British regulator and $65 million to the U.S. regulator to settle allegations its brokers helped manipulate the London Interbank Offered Rate (Libor), used to price trillions of dollars worth of products such as derivatives and mortgages worldwide.
"None of the three individuals at the centre of the activity remains with the firm," said Chief Executive Michael Spencer. "Others are either no longer with the company or are being disciplined."
The U.S. Department of Justice said separately former ICAP employees Darrell Read of New Zealand and Daniel Wilkinson and Colin Goodman from England face felony charges in the United States for an alleged long-running manipulation of Libor interest rates.