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EU antitrust regulators superb ICAP $7.9 million for yen cartel By Reuters 

© Reuters. FILE PHOTO: European Union flags flutter exterior the EU Fee headquarters in Brussels, Belgium Could 5, 2021. REUTERS/Yves Herman

BRUSSELS (Reuters) – EU antitrust regulators on Friday fined the world’s largest interdealer dealer ICAP (LON:) 6.45 million euros ($7.9 million) for participating in a number of yen rate of interest derivatives cartels.

The European Fee had fined ICAP 14.9 million euros in 2015 however Europe’s second high courtroom in 2017 dismissed a part of the regulatory ruling and scrapped the superb, citing flaws within the European Fee’s resolution.

The Fee subsequently appealed to the Luxembourg-based EU Courtroom of Justice however misplaced.

“Immediately’s resolution, correcting the procedural error and together with an in depth reasoning on the superb calculation, imposes fines on the three entities of ICAP having participated within the 5 infringements on the time,” the EU competitors enforcer stated in a press release.

The Fee’s 2015 ruling stated ICAP rigged the yen Libor monetary benchmark in a number of cartels with Royal Financial institution of Scotland (NYSE:), UBS, Deutsche Financial institution (DE:) and Citigroup (NYSE:) at numerous intervals.

($1 = 0.8210 euros)

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