New York Judge Dismisses ICAP from US Libor Class Action

[kreslik.news]

NEX Group, which is the company that was formed after ICAP plc sold off its voice broking business, has been cleared of wrongdoing in a class action case in the US. The company announced that the firm’s subsidiaries ICAP and ICAP Europe Limited have been dropped from the legislation.

A number of investors claimed that the firm adversely impacted their trades by using a practice called ‘spoofing’ when the interbank market was setting Euro Interbank Offered Rate (Eurobor) rates.

The practice of ‘spoofing’ is widely viewed as a big problem in algorithmic trading. An algo can quickly create orders that impact market ... (read more)