Broker Icap says to pay $87m in fines over Libor

GMT 12:53 2013 Wednesday ,25 September

Arab Today, arab today Broker Icap says to pay $87m in fines over Libor

Arab Today

Broker Icap on Wednesday said it had settled with British and US regulators to pay fines totalling $87 million (64 million euros) after staff attempted to manipulate a Libor inter-bank lending rate. British company Icap said in a statement that it would pay £14 million ($22.4 million, 16.6 million euros) to Britain's Financial Conduct Authority and $65 million to the US Commodity Futures Trading Commission "relating to the involvement of certain brokers in the attempted manipulation of yen Libor by bank traders between October 2006 and January 2011".

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