ICAP complains to European Ombudsman

Mouth Julia Freeman Woolpert

ICAP has complained to the European Ombudsman about European Union regulatory prejudice in a financial benchmark rigging probe last year, following in the footsteps of Credit Agricole.

Reuters reports that the European Commission in June charged ICAP with fixing yen interest rate derivatives as part of a cartel including UBS, Deutsche Bank, RBS, JPMorgan, Citigroup and broker RP Martin.

Unlike this group of banks and brokers, which admitted wrongdoing in return for a reduced fine, ICAP has rejected the EU accusations.

The broker filed its objection on Oct. 8, Ombudsman Ben Hagard said, declining to provide details.

'We will check if there are sufficient grounds to open an inquiry. Depending on the complexity of the case, in general we take decisions within one month,' he said. The EU agency investigates complaints about maladministration in European Union institutions.

Hit the link below to access the complete Reuters article:

ICAP complains about EU antitrust probe to European Ombudsman

Morgan Stanley profit jumps as trading activity rebounds

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News