European Commission fines ICAP $7.9M for yen cartel

On Friday, antitrust regulators from the European Union levied a fine of $7.9 million (6.45 million euros) on the world’s largest interdealer broker ICAP for taking part in several yen interest rate derivatives cartels.

In 2015, although the European Commission had fined ICAP 14.9 million euros, in 2017 Europe’s second highest court dismissed part of the regulatory ruling and scrapped the fine, citing flaws in the European Commission’s decision. While the European Commission appealed that decision in the Luxembourg-based EU Court of Justice it however lost the case.

“Today’s decision, correcting the procedural error and including a detailed reasoning on the fine calculation, imposes fines on the three entities of ICAP having participated in the five infringements at the time,” said the EU’s competition enforcer in a statement.

($1 = 0.8210 euros)

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