We have noticed you are using an ad blocker
To continue providing news and award winning journalism, we rely on advertising revenue.
To continue reading, please turn off your ad blocker or whitelist us.
Three former Icap brokers - Danny Martin Wilkinson, Darrell Paul Read and Colin John Goodman – were in court today after being charged by the Serious Fraud Office in connection with Libor manipulation between 8 August 2006 and 7 September 2010.
The men only appeared in front of the Westminster Magistrates' Court to confirm personal details and hear the charges against them; conspiracy to defraud.
All three men did not indicate a plea, have been granted conditional bail and will appear at the higher Southwark Crown Court on 30 April this year.
Last month, the SFO charged the three men with allegations over interest rate rigging, bringing the total number of people facing charges for the same crime, to nine.
In September 2014, the US Commodity Futures Trading Commission and Britain's Financial Conduct Authority (FCA) fined Icap, the world's largest interdealer brokerage, for its role in the manipulation of the interbank lending rate.
The US and UK financial watchdogs said Icap will pay £14m (€16.6m, $22.5m) to the FCA and £41m to the CFTC after a significant number of brokers, including two managers, attempted to rig Libor rates between October 2006 and November 2010.
"The misconduct in relation to Libor has cast a shadow over the financial services industry," said Tracey McDermott, director of enforcement and financial crime at the FCA at the time.
"The findings we publish today illustrate, once again, individuals within the industry acting with a cavalier disregard both for regulatory obligations and the interests of the markets.
"Icap's significant failings in culture and controls allowed that misconduct to flourish and fell far short of our expectations."
Libor valuations directly influence the value of trillions of dollars of financial deals between banks and other institutions.
The benchmark reference rates are used in euro, US dollar and British sterling over-the-counter (OTC) interest rate derivatives contracts and exchange-traded interest rate contracts.