EU Renews €6.5M Fine On ICAP Over Yen Derivatives Cartels
Law360, London (May 28, 2021, 2:22 PM BST) -- The European Commission said on Friday that it has fined ICAP €6.45 million ($7.83 million) after finding that the British interdealer broker took part in a cartel linked to yen-denominated interest-rate derivatives.
The European Union's executive arm said that it has re-adopted a 2015 decision against ICAP PLC — which is now called NEX International Ltd for violating EU antitrust rules by facilitating several cartels in the yen interest rate derivatives trading market. ICAP Management Services Ltd. and ICAP New Zealand Ltd. were included in the re-adopted notice.
The financial products are used by banks or finance companies to manage the risk of interest...
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