ICAP Claims No Brokers Were Part of FX Manipulation

ICAP, the world’s largest interdealer broker, said on Wednesday it had no reason to believe any of its brokers are linked to an alleged manipulation of foreign exchange markets under investigation by financial watchdogs.

Regulators in the United States, Asia and Europe are looking into possible manipulation of foreign exchange benchmarks, used to price trillions of dollars worth of investments and deals and relied upon by companies, investors and central banks.

The company, which makes money by matching buyers and sellers of bonds, swaps and currencies, said the bulk of its business in foreign exchange is conducted on electronic platforms rather than through brokers on the telephone.

On a conference call following publication of its half-year financial results, the company was asked whether it believed any staff could be connected to the alleged currency rate fixing.

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

via Reuters

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