Sept. 9 (Bloomberg) -- ICAP Plc, the world’s largest broker of trades between banks, rose to a 17-month high in London as Sky News reported it faces the lowest fine so far in the global probe into the rigging of benchmark interest rates.
The interdealer broker may pay about 70 million pounds ($110 million) to the U.K.’s Financial Conduct Authority and the U.S. Department of Justice and Commodity Futures Trading Commission, Sky reported, without saying where it got the information. The figure may change because a final agreement is yet to be reached, Sky said.
At 70 million pounds, the settlement would be within the 50 million-pound to 100 million-pound range Morgan Stanley analyst Anil Sharma published on Sept. 4. It’s also less than the 290 million pounds Barclays Plc paid last year when it became the first company to be fined for rigging the London interbank offered rate, the benchmark for more than $300 trillion of securities from mortgages to student loans.
The stock climbed 18.3 pence, or 4.6 percent, to 417.80 pence in London trading, the highest since March 23, 2012. Brigitte Trafford, a spokeswoman for London-based ICAP, declined to comment on the report.
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