ICAP said to be negotiating fine with regulators

A Billion Dollars

ICAP is negotiating a fine with U.S. and U.K. regulators for allegedly helping traders manipulate the London interbank offered rate, or Libor, a person familiar with the matter said.

Bloomberg News reports that a settlement with the U.S. Justice Department, Commodity Futures Trading Commission and U.K. Financial Conduct Authority may be announced as early as this month, said the person, who requested anonymity because the talks are private.

The amount of the fine will probably be less than the $452.1m penalty levied against Barclays in June last year, the person said.

Barclays, UBS and Royal Bank of Scotland have paid a total of about $2.5bn in fines for colluding to rig benchmark interest rates for profit or to mask their true cost of borrowing.

The negotiations between international authorities and ICAP are in the late stages, said another person familiar with the matter. The person cautioned that the timeline for the resolution, which may come in a matter of weeks, could slip as negotiations continue.

Hit the link below to access the complete Bloomberg article:

ICAP Said to Be Negotiating Libor Accord With Regulators

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