ICAP says senior managers knew nothing of UBS trader's alleged attempts to rig LIBOR

Pointing The Finger

ICAP has said senior managers were never aware of or involved in attempts by traders at UBS to manipulate the London interbank offered rate.

Bloomberg News reports that UBS paid an unidentified interdealer broker about $23,000 a quarter over an 18-month period for a 'fixing service' for yen Libor, the U.K. regulator said in December, when UBS $1.5bn to settle claims it rigged the benchmark.

That firm is ICAP, said a person briefed on the matter who asked not to be identified because details of the probe are private.

David Casterton, now ICAP’s global broking head, was aware of the payments from UBS, the Wall Street Journal said Thursday, citing unidentified people with knowledge of the investigation.

'ICAP strongly refutes that Casterton or anybody else in ICAP senior management were ever aware of, or involved in, any improper activities in relation to the attempted manipulation of yen Libor', Brigitte Trafford, an ICAP spokeswoman said in an e-mailed statement. 'Neither the company nor its senior management was aware of any corrupt payment from any source at any time'.

Hit the link below to access the complete Bloomberg article:

ICAP Says Senior Managers Unaware of Any Attempts to Rig Libor

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