ICAP plc response to European Commission decision
04 February 2015
London, 4 February 2015 – ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, notes today’s decision of the European Commission (EC) to issue a fine of £11.3 million. This allegation relates to Yen Libor and is based on the same underlying matters that ICAP Europe Ltd, a subsidiary of ICAP's Global Broking division, settled with the Financial Conduct Authority (FCA) and the U.S. Commodity Futures Trading Commission (CFTC) in September 2013.
ICAP does not accept the EC’s decision, which it believes is wrong both in fact and in law. This is a regulatory matter that has already been settled. It is not a competition issue, and the EC has presented no evidence that ICAP facilitated a competition law violation. ICAP will be challenging this decision at appeal in the European Courts.
|Serra Balls ||Group Head of Communications ||+44(0) 20 7050 7103 |
|Alex Dee ||Head of Investor Relations ||+44(0) 20 7050 7123 |
|Guy Taylor ||Communications US ||+1 212 341 9759 |
|Maitland || ||+44(0) 20 7379 5151 |
ICAP is a leading markets operator and provider of post trade risk and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information go to www.icap.com.