Commission fines ICAP €14.9 million in cartel case: The Commission has fined UK broker ICAP €14.9 million for facilitating a number of cartels in the Japanese Yen (JPY) interest rate derivatives (YIRD) sector. ICAP had chosen to contest the case and a Commission investigation found that it had facilitated six of seven cartels in the YIRD sector. Specifically ICAP had:

  • disseminated misleading information to certain JPY LIBOR panel banks, veiled as "predictions" or "expectations" of where the JPY LIBOR rates would be set;
  • used its contacts with several JPY LIBOR panel banks that did not participate in the infringements, with the aim of influencing their JPY LIBOR submissions; and
  • served as a communications channel between a trader of Citigroup and a trader of RBS and thereby enabled the anticompetitive practices between them.

In 2013 UBS, RBS, Deutsche Bank, Citigroup, JPMorgan and RP Martin were fined a combined total of €669, 719,000 having admitted involvement in one or more of the cartels. (Source: Commission Fines ICAP €14.9 Million)