{"id":5739,"date":"2015-02-17T00:00:00","date_gmt":"2015-02-17T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/02\/eu_fines_icap_17m_for_helping"},"modified":"2022-05-06T12:13:57","modified_gmt":"2022-05-06T17:13:57","slug":"eu-fines-icap-17m-for-helping","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/eu-fines-icap-17m-for-helping\/","title":{"rendered":"EU Fines ICAP $17M for Helping Traders Manipulate Yen Libor"},"content":{"rendered":"\n<p>The European Commission says that ICAP Plc has been ordered to pay a $17.2 million fine for helping traders manipulate benchmark interest rates linked to the Japanese yen.  The word\u2019s largest broker of transactions between banks is accused of spreading misleading data to lenders that set the yen Libor\u2019s interbank lending rate, as well as  helping traders communicate so they could collude with one another.<\/p>\n<p>According to the Commission, the information was disguised as \u201cpredictions or expectations\u201d but was actually geared toward influencing panel banks that were not involved in the infringements to turn in rates aligned with intended manipulations. The EU said ICAP facilitated six yen Libor cartels between \u201907-\u201910 and attempted to get lenders to send rates that were similar to the panel. The broker also allegedly used other contacts to facilitate communication between an RBS trader and one from <a href=\"https:\/\/www.investorlawyers.com\/citigroup-background-information.html\">Citigroup (C)<\/a>. ICAP said it would appeal the fine and claims that the EU has shown no evidence that the broker engaged in violations of laws related to competition.<\/p>\n<p>Authorities are looking into how bankers and derivatives traders worked together to make sure benchmarks were to their benefit, which could have affected over $300 trillion of financial products, loans, and contracts tied to the rate. While RP Martin Holdings Ltd., <a href=\"https:\/\/www.investorlawyers.com\/jp-morgan-chase-background-information.html\">JPMorgan Chase &amp; Co. (JPM)<\/a>, Deutsche Bank (DB), <a href=\"https:\/\/www.investorlawyers.com\/ubs-painewebber-background-information.html\">UBS AG (UBS)<\/a>, Royal Bank of Scotland Group Plc (RBS), and Citigroup already paid penalties to settle the EU\u2019s case against them, ICAP refused. It has, however, paid $88 million of fines to United Kingdom and United States regulators to settle charges related to its contacts with traders at UBS. <\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/eu-fines-icap-17m-for-helping\/\"  title=\"Continue Reading EU Fines ICAP $17M for Helping Traders Manipulate Yen Libor\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The European Commission says that ICAP Plc has been ordered to pay a $17.2 million fine for helping traders manipulate benchmark interest rates linked to the Japanese yen. The word\u2019s largest broker of transactions between banks is accused of spreading misleading data to lenders that set the yen Libor\u2019s interbank lending rate, as well as [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3740],"tags":[],"class_list":["post-5739","post","type-post","status-publish","format-standard","hentry","category-miscellaneous"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EU Fines ICAP $17M for Helping Traders Manipulate Yen Libor &#8212; Investor Lawyers Blog &#8212; February 17, 2015<\/title>\n<meta name=\"description\" content=\"The European Commission says that ICAP Plc has been ordered to pay a $17.2 million fine for helping traders manipulate benchmark interest rates linked to &#8212; February 17, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/eu-fines-icap-17m-for-helping\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"EU Fines ICAP $17M for Helping Traders Manipulate Yen Libor &#8212; Investor Lawyers Blog &#8212; February 17, 2015\" \/>\n<meta name=\"twitter:description\" content=\"The European Commission says that ICAP Plc has been ordered to pay a $17.2 million fine for helping traders manipulate benchmark interest rates linked to &#8212; February 17, 2015\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"EU Fines ICAP $17M for Helping Traders Manipulate Yen Libor &#8212; 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