Squeezed middle-man

24 January 2013 By George Hay Follow @gfhay

The London-based inter-dealer broker is being investigated by its regulator for possible breaches related to the fixing of interbank interest rates. All firms caught in the Libor hydra will suffer. But regulation is forcing big changes to broking business models.

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The UK’s Financial Services Authority is probing possible breaches of market conduct rules by inter-dealer broker ICAP. The inquiry is in connection with the Libor interest rate-rigging scandal, according to a source familiar with the situation. The FSA’s investigation began in March last year.
Two brokers at inter-dealer broker RP Martin were among three men arrested in connection with Libor on Dec. 11, Reuters reported.
ICAP suspended one employee and put three others on administrative leave in connection with the Libor probe, Reuters reported on Dec. 19.
At 1000 GMT on Jan. 24, ICAP shares were trading at 310 pence, down 4.9 percent.

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