ICAP fined for Libor rate rigging

<p>Libor rate rigging has led to a fine for ICAP.</p>

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.

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