ICAP said to keep liability for interest-rate case

Gavel

Even though ICAP is selling a division at the heart of a trading scandal, it’s retaining any future legal liability, according to a person familiar with the matter.

Bloomberg News reports that ICAP agreed Wednesday to sell the voice-brokerage division to Tullett Prebon for more than $1.5bn, but it will still have to pay any fines or face other enforcement actions that result from the ISDAfix interest-rate benchmark manipulation investigation, according to the person, who asked to not be identified because the information was private.

The U.S. Commodity Futures Trading Commission found evidence in 2013 that traders at Wall Street banks instructed ICAP brokers to buy or sell as many interest-rate swaps as necessary to rig the ISDAfix benchmark by moving it to a predetermined level, a person familiar with the matter said at the time. 

To access the complete Bloomberg News article hit the link below:

ICAP Said to Keep Liability for ISDAfix Case After Tullett Deal

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