ICAP Says It's Cooperating With Rate-Swap Probe

Law360, New York (April 9, 2013, 6:21 PM EDT) -- New Jersey interdealer broker ICAP PLC responded Tuesday to reports that it is being investigated by the U.S. Commodity Futures Trading Commission for possibly manipulating interest-rate swaps, saying it is participating in the regulator's larger probe of potential market collusion but denied any wrongdoing.

Multiple news outlets have reported that CFTC has subpoenaed current and former ICAP employees as part of a larger probe targeting multiple banks and brokers involved in setting the leading derivatives benchmark ISDAFIX.

ICAP said it is cooperating with CFTC's wider inquiry...
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