Three former ICAP brokers appear in court over Libor allegations

Gavel

Three former brokers at ICAP, the world's largest interdealer broker, appeared in a London court on Tuesday charged with running a four-year scheme to manipulate Libor benchmark rates.

Reuters reports that the men, who spoke only to confirm personal details such as addresses, bring to nine the number of people facing criminal charges in Britain over allegations that they rigged the London Interbank Offered Rate (Libor), which is used to price about $450tril of products from complex derivatives to home loans.

The hearing at Westminster Magistrates Court is the latest in a global investigation that stretches from North America to Asia, shaking public faith in the financial industry. The scandal has so far led to fines of $6bn imposed on 10 banks and ICAP.

To access the complete Reuters article hit the link below:

Three former ICAP brokers in UK court on Libor fixing charges 

Lloyds' FX chief leaves bank - sources 

 

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