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Share Price: 215.00
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UPDATE 1-ICAP says senior staff unaware of any Libor fixing attempts

Thu, 27th Jun 2013 14:41

June 27 (Reuters) - None of ICAP's senior managementwere ever aware of, or involved in, the attempted manipulationof benchmark interest rates, the British broker said in astatement on Thursday.

Citing sources familiar with the matter, the Wall StreetJournal said on Wednesday that ICAP executive David Castertonwas included on emails sent in 2007 that documented discussionsbetween ICAP brokers and officials at UBS.

In those emails, UBS had agreed to make quarterly paymentsto ICAP for help in rigging Libor (London Interbank OfferedRate), the Wall Street Journal said.

"Neither the company nor its senior management was aware ofany corrupt payment from any source at any time. All paymentsreceived from UBS were documented and invoiced," ICAP said in anemailed statement on Thursday.

"ICAP strongly refutes that Mr Casterton or anybody else inICAP senior management were ever aware of, or involved in, anyimproper activities in relation to the attempted manipulation ofyen or any other Libor. Any suggestion otherwise is false anddefamatory."

David Casterton is currently head of global broking at ICAP.He could not immediately be reached for comment.

British and U.S. regulators have so far fined three banks atotal of $2.6 billion over the Libor rigging scandal. Two menhave been charged over the rigging.

Last week, British prosecutors alleged in court that formerUBS and Citi trader Tom Hayes had conspired with employees fromat least 10 financial institutions, including ICAP, tomanipulate interest rates over four years.

In its settlement last year with British and U.S. regulatorsover the rate-rigging, UBS admitted that its traders paid bribesto brokers in return for their help in fixing rates. It did notidentify the brokers.

These brokers accepted "corrupt payments" from UBS and alsoengaged in wash" trades - where a bank does two trades thateffectively cancel each other out - to earn more than 170,000pounds in commission, UK regulators said in the Dec. settlement.

ICAP chief executive Michael Spencer has since said that thebrokerage, after conducting internal investigations intopossible rigging, had found no signs of telltale "wash trades"used by banks to reward brokers.

Terry Smith, the CEO of rival Tullett Prebon, saidin March that the firm's internal probes had found wash trades,including interest rate products, but that these were a commonway for brokers and clients to remunerate each other and thatthere was no evidence they were linked to Libormanipulation.

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19 Dec 2023 16:06

UK banks face 'step change' rule to reimburse defrauded customers

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19 Dec 2023 15:11

UK banks face 'step change' rule to reimburse defrauded customers

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Britain's Metro Bank decides not to sell mortgage book

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Fnality completes 'world's first' blockchain payments at Bank of England

LONDON, Dec 14 (Reuters) - Fnality, a blockchain-based wholesale payments firm, said on Thursday that shareholders Lloyds Banking Group, Santander and UBS had completed the "world's first" live transactions that digitally represent funds held at a central bank.

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14 Dec 2023 10:51

France's Credit Agricole to stop financing new fossil fuel projects

Vows to triple financing of renewable energy projects by 2030

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12 Dec 2023 09:10

UK lenders face smaller impact from Basel rules than rivals, BoE says

LONDON, Dec 12 (Reuters) - The Bank of England said on Tuesday that implementing the final leg of the global Basel bank rules will increase capital requirements at UK banks by 3%, far less than for their European Union and U.S. peers.

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12 Dec 2023 07:16

BoE says UK lenders to be hit less than EU, U.S. rivals by Basel capital rules

LONDON, Dec 12 (Reuters) - The Bank of England said on Tuesday that implementing the final leg of the global Basel bank rules will increase capital requirements at UK banks by 3%, less than for their European Union and U.S. peers.

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7 Dec 2023 16:55

Director dealings: Barclays chair invests, York Holdings settles LSEG call options

(Sharecast News) - Nigel Higgins, the group chairman of Barclays, was on the buying side of the ledger on Thursday.

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7 Dec 2023 15:35

IN BRIEF: Barclays Chair Nigel Higgins buys 200,000 shares

Barclays PLC - London-based consumer, business and investment bank - Chair Nigel Higgins buys 200,000 shares at GBP1.3867 each, worth GBP277,340, in London on Thursday.

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London close: Stocks mixed as investors mull fresh data

(Sharecast News) - London's financial markets finished with a mixed performance on Tuesday as investors considered key economic data and developments from both sides of the Atlantic.

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LONDON MARKET OPEN: FTSE 100 struggles after Moody's warning on China

(Alliance News) - London's FTSE 100 got off to a slow start on Tuesday, with miners falling amid fears for the Chinese economy, while Barclays shares fell after Bloomberg reported Qatar is trimming its stake in the lender.

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Qatar almost halves stake in Barclays

(Sharecast News) - Banking giant Barclays was in the red early on Tuesday after its largest shareholder made moves to offload roughly £510.0m in shares.

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