ICAP caught up in FSA's LIBOR probe - reports

ICAP, the world's largest inter-dealer broker, has reportedly become a focus of the UK's rate-rigging investigation being carried out by the FSA.

According to a report in the FT, which claims to have seen an internal FSA memo, the regulator has asked seven of around 50 people working on its London Interbank Offered Rate investigation to focus on ICAP. The FT also reported ICAP has been under formal investigation since early 2012. The FSA memo from March 2012 shows the regulator has been probing whether a subsidiary of ICAP broke rules by "directly or indirectly inappropriately influencing or attempting to influence submissions used to compile the London Interbank Offered Rate ...