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ICAP Called ‘Spider’ in Cum-Ex Web by German Authorities

  • Brokerage unit being probed by Cologne, Frankfurt prosecutors
  • TP ICAP says NEX failed to disclose alleged Cum-Ex involvement
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Photographer: Chris Ratcliffe/Bloomberg
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A TP ICAP Plc unit is accused of being “a spider in the web” of controversial Cum-Ex trading by German prosecutors, who have targeted it with search warrants and multiple investigations.

Prosecutors in Cologne and Frankfurt obtained new orders allowing them to seize documents earlier this year, as part of proceedings against the unit and its employees, according to a court document filed by the firm.