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| ICAP Libor fine of $87m by UK and US regulators | ICAP Libor fine of $87m by UK and US regulators |
| (35 minutes later) | |
| The UK broker ICAP has been fined $87m (£54m) for its part in the long-running Libor rate-fixing scandal. | The UK broker ICAP has been fined $87m (£54m) for its part in the long-running Libor rate-fixing scandal. |
| In addition, three of its traders were charged with several counts of wire fraud in a federal New York court. | |
| They face a maximum penalty of 30 years in prison for each count if convicted. | |
| Libor rates are used to set trillions of dollars of financial contracts, including many car loans and mortgages, as well as complex financial transactions around the world. | Libor rates are used to set trillions of dollars of financial contracts, including many car loans and mortgages, as well as complex financial transactions around the world. |
| Regulators have been investigating manipulation of Libor inter-bank lending rates since 2012 in the wake of Barclays' £290m ($454m) fine by US and UK authorities. A string of international banks have been implicated in the affair, and several criminal charges have been brought against traders. | Regulators have been investigating manipulation of Libor inter-bank lending rates since 2012 in the wake of Barclays' £290m ($454m) fine by US and UK authorities. A string of international banks have been implicated in the affair, and several criminal charges have been brought against traders. |
| 'Inexcusable' | 'Inexcusable' |
| In a statement, Michael Spencer, group chief executive officer at ICAP said: "We deeply regret and strongly condemn the inexcusable actions of the brokers who sought to assist certain bank traders in their efforts to manipulate YEN Libor. Their conduct contravenes all that ICAP stands for." | In a statement, Michael Spencer, group chief executive officer at ICAP said: "We deeply regret and strongly condemn the inexcusable actions of the brokers who sought to assist certain bank traders in their efforts to manipulate YEN Libor. Their conduct contravenes all that ICAP stands for." |
| Mr Spencer added that none of the three individuals remained with the firm, and others who may have been involved were no longer at the company. | Mr Spencer added that none of the three individuals remained with the firm, and others who may have been involved were no longer at the company. |
| In February 2013, Royal Bank of Scotland (RBS) was fined £390m ($610m) by UK and US regulators for its part in the Libor scandal. | In February 2013, Royal Bank of Scotland (RBS) was fined £390m ($610m) by UK and US regulators for its part in the Libor scandal. |
| The UK's Financial Services Authority fined RBS £87.5m, while about £300m was paid to US regulators and the US Department of Justice. | The UK's Financial Services Authority fined RBS £87.5m, while about £300m was paid to US regulators and the US Department of Justice. |
| In July this year, the British Bankers' Association (BBA), which collates and publishes Libor - the London Interbank Offered Rate - changed how the rate is set, as a precaution against any repeated scandal. | In July this year, the British Bankers' Association (BBA), which collates and publishes Libor - the London Interbank Offered Rate - changed how the rate is set, as a precaution against any repeated scandal. |
| The BBA said publication of banks' individual submissions would be embargoed for three months to avoid "manipulation". | The BBA said publication of banks' individual submissions would be embargoed for three months to avoid "manipulation". |