Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

British broker ICAP says unit faces Libor probe  Join our daily free Newsletter

MENAFN - AFP - 24/01/2013

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) British brokerage ICAP on Thursday said that one of its subsidiaries was being investigated in relation to the Libor rate-rigging scandal.

A British watchdog, the Financial Services Authority, was probing the ICAP unit, the broker said in a statement in response to press speculation and after having already confirmed that it was co-operating with Libor-related inquiries.

"As part of the FSA's inquiries, one of ICAP's interdealer broker subsidiaries has been notified that it is the subject of an FSA investigation," ICAP said in a statement on Thursday.

"The investigation is confidential, accordingly no further comment will be made at this stage."

The Financial Times on Thursday said ICAP was being investigated for possible breaches of market conduct rules.

The Libor affair erupted in June when Britain's Barclays bank was fined 290 million (459 million, 344 million euros) by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009.

That sparked the resignations of three Barclays senior board members, including ex-chief executive Bob Diamond.

The Libor system was found to be open to abuse, with some traders lying about borrowing costs to boost trading positions or make their bank seem more secure.

The FSA, along with US and Swiss regulators, recently fined Swiss bank UBS 1.5 billion (1.12 billion euros) in connection with the scandal, while the FSA is also investigating Britain's bailed-out lender Royal Bank of Scotland.

 






  MENA News Headlines


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help