UK brokerage service ICAP has been handed a hefty fine as a result of its part in the Libor rate rigging scandal that crossed both sides of the Atlantic.
The firm was told that it is being fined $87 million (£54 million) for its part in the incident.
In addition to the major fine being given to the company, three of its former employees were charged in New York with several counts of wire fraud and they face lengthy jail terms.
Michael Spencer, ICAP's chief executive, said in a statement that the organisation condemns and regrets the "inexcusable actions of the brokers who sought to assist certain bank traders in their efforts to manipulate YEN Libor".
He pointed out Colin Goodman, Daniel Wilkinson and Darrell Read – the three individuals who have been charged – have all left the firm.
ICAP's share price is down this morning (September 26th) on the back of the news of the fine. At 08:37 BST, its stocks were trading 1.67 per cent down on the start of the session.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.