European Commission Imposes Fines of €6.45 Million on ICAP

Fazzaco learned that the European Commission announced it has imposed a penalty of €6.45 million ($7.9 million) on ICAP, the world’s largest interdealer broker, for participating in several cartels in the area of the Yen Interest Rate Derivatives (‘YIRDs’) trading market.

The regulator initially issued a penalty of €14.9 million on ICAP, but in 2017 the court dismissed part of the ruling and removed the fine because of flaws in the Commission’s decision.

The Commission appealed in the Luxembourg Court but lost.

“Today’s decision, correcting the procedural error and including a detailed reasoning on the fine calculation, imposes fines on the three entities of ICAP having participated in the five infringements at the time”, the EU competition enforcer said in a statement.

The ruling from 2015 accused ICAP of Libor rigging the yen in several cartels with Royal Bank of Scotland, UBS, Deutsche Bank and Citigroup at various periods.

Fazzaco earlier this month reported TP ICAP has posted its financial results​ for the first quarter of 2021 with revenue of the company for the first quarter of 2021 came in at £483 million, which is down by 9 percent when compared to the same period last year.