LONDON, Sept 9 Broker-dealer ICAP is in
talks about a settlement over its role in the Libor rate-rigging
scandal that would involve paying about 70 million pounds ($109
million) to British and U.S. regulators, Sky News reported.
ICAP was discussing a deal with the Financial Conduct
Authority (FCA) to pay about 20 million pounds.
It would also pay about 50 million pounds ($78
million)collectively to the U.S. Department of Justice (DoJ) and
the Commodity Futures Trading Commission (CFTC), Sky said on
It said an announcement could come within the next 10 days.
The FCA, ICAP and the CFTC declined to comment.
A spokesman for the DOJ said it had an "active, ongoing
investigation into possible manipulation of LIBOR and other
international interest rate benchmarks" but declined to comment
on any specific firms.
ICAP is in advanced talks to settle the investigation but a
settlement could still take several weeks, people familiar with
the matter said last week.
Such a fine would be far less than that paid by a trio of
banks which have settled allegations of Libor manipulation.
British and U.S. regulators have so far fined three banks -
UBS, Barclays and Royal Bank of Scotland
- a total of $2.6 billion over the rigging of the London
Interbank Offered Rate (Libor), which is used to price trillions
of dollars worth of products, including derivatives and
Icap shares were up 4 percent at 415 pence by 1345 GMT,
outperforming a slightly weaker UK share market.
Earlier this year, ICAP said none of its senior management
was ever aware of, or involved in, the attempted manipulation of
benchmark interest rates.