British broker fined $87.4 million for rigging of Libor

by AJP Posted : September 26, 2013, 16:08Updated : September 26, 2013, 16:08
U.S. and British authorities said on Wednesday (local time) that they fined British broker ICAP a combined US$87.4 million over its alleged role in the rigging of the London interbank offered rate, or Libor.

Three former brokers at the firm were charged with helping traders manipulate the Libor, the U.S. Department of Justice said.

ICAP was fined $65 million by the U.S. Commodity Futures Trading Commission (CFTC) and $22.4 million by Britain's Financial Conduct Authority (FCA).

ICAP, established in 1980, is the world's largest broker of transactions between banks.
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