ICAP fined by UK and US regulators becoming the first broker to be found guilty of colluding to rig Libor
broker ICAP has been fined by UK and US regulators after
becoming the first broker to be found guilty of colluding
with bank traders to rig the Libor benchmark interest
alongside traders at UBS for more than four years to
manipulate the Japanese yen LIBOR rate, the UK Financial
Conduct Authority (FCA) and US Commodity Futures Trading
Commission (CFTC) say in separate statements on
ICAP emailed "skewed" suggested rates to members of the Libor
setting panel, who they referred to as "sheep", and asked
them to make specific submissions for the rate, according to
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