ICAP claims no connection to forex currency rate manipulation

icap ICAP, UK-based online interdealer broker, stated on Wednesday that there is no reason to suspect that any of the brokers in the ownership of ICAP has anything to do with alleged manipulation of forex market.

Meanwhile, US and UK authorities are working hard questioning the staff of the top banks accused in manipulation of currency rates.

ICAP conducts its services primarily through online trading platforms, rather than through brokers on the phone. During the conference call, right after the broker has published its half-year financial report, the company was asked whether there was any connection of the staff to the currency rate fixing scandal.

Group General Counsel Duncan Wales said: "We have no current reason to believe that."

 

A little bit of background on fishy activity - ICAP was fined $87 million by British and U.S. authorities couple of months back because of the Libor interest rate scandal. There were also criminal charges filed against 3 of the former employees of the company.