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ICAP confirms regulatory probe over Libor setting

Jan 24 2013 Luke Jeffs, Reuters

ICAP said it was being investigated by the British regulator over Libor setting, making the world's largest broker the first non-bank to confirm it has been linked with the scandal over fixing the lending rate. As an inter-dealer broker, ICAP acts as an intermediary between the world's largest investment banks, many of which are involved in setting the Libor rate. A British judge on Thursday forced Barclays to identify top executives alongside traders linked to the Libor probe, naming ex-CEOs Bob Diamond and John Varley and current Finance Director Chris Lucas despite requests for anonymity. ICAP does not contribute to the Libor setting process but regulators have called into question the role that individual brokers, at ICAP and rival firms, may have played as conduits to manipulation by traders working at investment banks. London-based ICAP said in a regulatory filing on Thursday it had been told by the Financial Services Authority (FSA) that one of its subsidiaries was under investigation. ICAP

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