Icap comes out fighting against fresh Libor-fixing allegations

Michael Bow
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ICAP, the world’s biggest interdealer broker, yesterday issued a strongly worded statement hitting back at allegations that senior management at the firm were aware of alleged attempts by traders to fix Libor.

It comes after allegations from the US that a senior executive, David Casterton, had been included on emails between Icap and UBS officials allegedly discussing Libor rate setting.

Casterton is not thought to be under investigation by the Financial Conduct Authority (FCA). He could not be reached yesterday. The FCA did not comment.

“Neither the company nor its senior management was aware of any corrupt payment from any source at any time,” Icap said.

“All payments received from UBS were documented and invoiced. Icap strongly refutes that Mr Casterton or anybody else in Icap senior management were ever aware of, or involved in, any improper activities in relation to the attempted manipulation of yen or any other Libor,” it added.