On September 25th, the CFTC issued an Order against ICAP Europe Limited, an interdealer broker, bringing and settling charges of manipulation, attempted manipulation, false reporting, and aiding and abetting derivatives traders' manipulation and attempted manipulation, relating to the London Interbank Offered Rate ("LIBOR") for Yen. The CFTC's Order finds that for more than four years, ICAP brokers on its derivatives and cash desks knowingly disseminated false and misleading information concerning Yen borrowing rates to market participants in attempts to manipulate, at times successfully, the official fixing of the daily Yen LIBOR. ICAP brokers, including one known as "Lord LIBOR" or "Mr. LIBOR," did so to aid and abet their highly valued client, who was a senior Yen derivatives trader employed at UBS Securities Japan Co., Ltd. and later at another bank, in his attempts to manipulate Yen LIBOR to benefit his derivatives trading positions tied to this benchmark. On limited occasions, ICAP Yen brokers engaged in this unlawful conduct to benefit other derivatives traders as well. The Order requires ICAP, among other things, to pay a $65 million civil monetary penalty, and cease and desist from further violations as charged. CFTC Press Release.