Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

ICAP Says It’s Being Investigated by FSA in Libor Probe

ICAP Plc, the world’s largest broker of transactions between banks, is being investigated by the U.K.’s Financial Services Authority as part of its probe into Libor-rigging.

“One of ICAP’s interdealer broker subsidiaries has been notified that it is the subject of an FSA investigation,” the London-based firm said in a statement today.

The regulator is examining whether the company helped manipulate the London interbank offered rates for the Japanese yen and possibly U.S. dollar, the Financial Times newspaper reported earlier, citing a March 2012 FSA memo. The FSA has assigned seven of the 50 people working on its investigation to focus on ICAP’s activities, the newspaper said.

ICAP is already being probed by Canada’s Competition Bureau for allegedly facilitating the manipulation of yen Libor by panel banks including Royal Bank of Scotland Group Plc, HSBC Holdings Plc and Deutsche Bank AG, according to papers filed with the Ontario Superior Court in May. ICAP said at the time that it had received requests from government agencies probing banks’ Libor submissions and is cooperating fully.

The firm suspended one employee and placed three others on paid leave pending the outcome of an internal investigation, a person familiar with the disciplinary procedures said last month.

The shares fell as much as 5.9 percent and were down 3.6 percent at 315.5 pence as of 1:55 p.m. in London.

Interdealer brokers such as ICAP act as a go-between for banks that trade bonds, stocks, currencies, energy and derivatives.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.