According to people familiar with the negotiations, an agreement with the US Justice Department and Commodity Futures Trading Commission (CFTC) and the UK Financial Conduct Authority (FCA) is likely in the coming weeks, The Wall Street Journal said last night.
ICAP, the FCA and the Justice Department declined to comment. British and US regulators have so far fined three banks, UBS, Barclays and Royal Bank of Scotland, a total of $2.6bn over the rigging of the London Interbank Offered Rate (Libor), which is used to price trillions of dollars worth of products. British prosecutors have alleged in court that former UBS and Citi trader Tom Hayes conspired with employees from at least 10 financial institutions, including ICAP, to manipulate rates.
Earlier this year, ICAP said none of its senior management was ever aware of, or involved in, the attempted manipulation of benchmark interest rates.