Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

ICAP sucked into Libor investigation

ICAP sucked into Libor investigation

Interdealer broker ICAP is under investigation over its possible role in Libor manipulation, an internal FSA memo obtained by the Financial Times has confirmed.

Staff at ICAP had previously been implicated in the scandal, but the document is the first confirmation that the business is a target of the investigation in its own right.

According to the note, seven of the 50 FSA investigators currently assigned to the scandal are looking specifically at the business, the world’s largest institutional brokerage.

Dating to March 2012, the memo shows that regulators were concerned that an ICAP subsidiary had been ‘directly or indirectly inappropriately influencing or attempting to influence submissions used to compile the London Interbank Offered Rate... [for] Japanese yen and possibly US dollars.’

The banking sector, which provides the primary quoted inputs to set the Libor rate, has previously been the main subject of investigation for regulators on both sides of the Atlantic.

ICAP is thought to be the first non-bank to come under the spotlight. Documents filed in connection to the $1.5 billion fine paid by UBS to settle Libor charges showed that traders at the bank has used third party brokers to pass on their requests for specific quotes to other banks.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter