EU Accuses ICAP of Helping Manipulate Yen Libor
11 June 2014 - 6:04AM
Dow Jones News
LONDON--Interdealer broker ICAP PLC said Tuesday that the
European Commission has accused it of helping banks manipulate the
yen Libor benchmark interest rate.
The company said it received a statement of objections from the
commission "alleging that ICAP acted as a facilitator to breaches
of EU competition law by certain banks in relation to Yen Libor for
isolated periods between 2007 and 2010."
ICAP said the allegations relate to the same matters it paid $87
million to settle last year with U.K.'s Financial Conduct Authority
and the U.S. Commodity Futures Trading Commission.
"ICAP does not believe that it has breached any applicable EU
competition law, and will defend itself against these allegations
vigorously," it said.
Write to Rory Gallivan at rory.gallivan@wsj.com
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