The European Commission fined ICAP plc €14.9 million (approximately US $16.9 million) for its alleged role in colluding with other brokers to manipulate the Japanese yen-denominated London Interbank Offered Rate from 2007 to 2010. In 2013, six banks admitted their involvement in this collusion and agreed to pay fines in aggregate of almost €700 million (approximately US $792 million; click here for details in the article, “The European Commission Fines Six Banks €1.71 Billion for Engaging in Anti-Competitive Behavior in Connection With LIBOR and EURIBOR Indices” in the December 2 to 6 and 9, 2013 edition of Bridging the Week). According to the EC, ICAP contributed to the collusion by disseminating false information, using its relationship with several JPY LIBOR panel banks that were not part of the collusion to influence their submissions; and serving as a communications medium between traders at two sanctioned banks, thereby facilitating the wrongful practices between them. ICAP announced it will appeal the EC’s decision in European courts, claiming that “[t]his is a regulatory matter that already has been settled. It is not a competition issue, and the EC has presented no evidence that ICAP facilitated a competition law violation.” ICAP Europe, Ltd. previously settled charges with the Financial Conduct Authority and the Commodity Futures Trading Commission related to the actions of three of its non-US based employees to manipulate the JPY LIBOR from at least October 2006 through January 2011.