The Financial Conduct Authority (FCA) has fined ICAP Europe Limited (IEL) £14m for misconduct relating to the London Interbank Offered Rate (LIBOR).
IEL is the first broking firm to be fined for failings relating to the benchmark. IEL's misconduct breached the FCA's Principles for Businesses, involved a significant number of brokers (including two managers) and occurred over a number of years. Between October 2006 and November 2010, the misconduct included: • IEL brokers colluding with traders at UBS to manipulate the (Japanese Yen) JPY LIBOR rates for the benefit of the traders. This involved brokers deliberately disseminating incorrect or misleading LIBOR submission levels by: • emailing skewed suggestions to some Panel Ba...
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