ICAP, the world’s largest broker of transactions between banks, has been accused by the European Union’s antitrust arm of colluding to help rig interbank lending rates.
Bloomberg News reports that ICAP received an antitrust complaint, known as a statement of objections, alleging it facilitated a cartel to manipulate yen Libor. The company refused to settle antitrust case with the European Commission last year.
'The commission has concerns that ICAP may have been involved in cartels concerning yen interest rate derivatives as a facilitator', the regulator said in an e-mailed statement.
While ICAP declined to join an EU Libor accord, UBS, Royal Bank of Scotland, Deutsche Bank, JPMorgan, Citigroup and brokerage RP Martin Holdings Ltd. admitted liability and agreed to a combined penalty of $906.6m.
ICAP said in a statement: 'ICAP does not believe that it has breached any applicable EU competition law, and will defend itself against these allegations vigorously'.
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