WASHINGTON (AP) — Britain's ICAP PLC has agreed to pay about $87 million to settle U.S. and U.K charges of manipulating a key global interest rate, the fourth financial firm sanctioned in the international rate-rigging scandal.
The U.S. Commodity Futures Trading Commission says ICAP, the world's largest broker of trades between banks, engaged in rigging of the London interbank offered rate, or LIBOR, from October 2006 to January 2011.
A British banking trade group sets the LIBOR every morning after international banks submit estimates of what it costs them to borrow. The rate affects trillions of dollars in contracts around the world, including mortgages, bonds and consumer loans.
Britain's Barclays Bank and Royal Bank of Scotland, and Swiss bank UBS have paid a total $2.5 billion to settle charges of rigging the LIBOR.
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