ICAP plc response to European Commission decision
ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, notes today’s decision of the European Commission (EC) to issue a fine of £11.3 million. This allegation relates to Yen Libor and is based on the same underlying matters that ICAP Europe Ltd, a subsidiary of ICAP’s Global Broking division, settled with the Financial Conduct Authority (FCA) and the U.S. Commodity Futures Trading Commission (CFTC) in September 2013.
ICAP does not accept the EC’s decision, which it believes is wrong both in fact and in law. This is a regulatory matter that has already been settled. It is not a competition issue, and the EC has presented no evidence that ICAP facilitated a competition law violation. ICAP will be challenging this decision at appeal in the European Courts.
Source: ICAP – ICAP plc response to European Commission decision
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