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ARTICLE · 11 JUNE 2015

ICAP – One Fine Too Many?

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On 4 February 2015, the European Commission (Commission) fined cash broker ICAP plc (ICAP) €14.9 million for its involvement in the Japanese Yen (JPY) LIBOR cartel.

United KingdomAntitrust/Competition Law
Michael Wainwright
Michael Wainwright
Rebecca Owen-Howes
Rebecca Owen-Howes
Alex Haffner
Alex Haffner
Richard Jenkinson
Richard Jenkinson
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On 4 February 2015, the European Commission (Commission) fined cash broker ICAP plc (ICAP) €14.9 million for its involvement in the Japanese Yen (JPY) LIBOR cartel. Unlike the other participants in the alleged cartel, ICAP had not entered into settlement arrangements with the Commission, but its European subsidiary, ICAP Europe Ltd (IEL), had settled separate cases brought by both the Financial Conduct Authority (FCA) and the Commodity Futures Trading Commission (CFTC). In September 2013, IEL accepted a settlement offer of US$65 million (approximately €57 million) by the CFTC for its involvement in manipulating the JPY LIBOR. On the same day, IEL accepted a £14 million fine (approximately €19.5 million) issued by the FCA, having qualified for a 30 per cent settlement discount. Is this a case of double jeopardy, where the company is fined twice for the same infringement?

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