TP ICAP Acquitted of Libor-Rigging Charges, Says Outage Not Caused by Cyber Breach

[kreslik.news]

TP ICAP, the world’s largest interdealer broker, has been partially cleared by the Luxembourg-based General Court over allegations it plotted with a cartel in the yen swaps markets to rig Libor, the mechanism used to set interest rates.

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In 2015, and after a long-running probe into rate manipulation, the European Commission fined ICAP €14.9 million ($17.3 million) for facilitating several cartels involved in setting benchmark interest rates in the Japanese yen.

The dispute covered a three-year period, between 2007 and ... (read more)