ICAP, the interdealer broker, is in late stage talks with US and UK regulators to settle longstanding claims over the Libor rigging scandal for about £70m.
The broker, led by City grandee Michael Spencer, is understood to be nearing a deal with the UK’s Financial Conduct Authority to pay it £20m and US Department of Justice and Commodity Futures Trading Commission to pay £50m. It was first reported by Sky News.
It would add to the pile of cash regulators have taken back from financial institutions over the Libor rigging allegations.
UK institutions such as Barclays, which was fined just over £290m and Royal Bank of Scotland which was hit with a £390m punishment, have been wrapped up in the scandal. UBS has been hit heaviest with a £1bn fine.
Last week analysts suggested Icap could be liable for fines of between £50m and £100m over the Libor case and ISDAfix, a swap benchmark, if any wrongdoing is uncovered, relatively immaterial to its £2.7bn market cap.
Icap declined to comment.