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ICAP to challenge £11mln European Commission fine

Last updated: 10:02 04 Feb 2015 GMT, First published: 11:02 04 Feb 2015 GMT

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ICAP (LON:IAP) has said it won’t accept a £11.3mln rate-fixing fine issued today by the European Commission.

The inter-dealer broker said the EC allegation is based upon the same underlying matters that were settled with the UK’s Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC) in September 2013.

ICAP does not accept the EC's decision, which it believes is wrong both in fact and in law,” the company said in a stock market statement.

“This is a regulatory matter that has already been settled. It is not a competition issue, and the EC has presented no evidence that ICAP facilitated a competition law violation.”

ICAP said it will challenge the EC decision at appeal in the European Courts.

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